On August 4, after several weeks of silence, the Small Business Administration (SBA) along with Treasury has issued a new set of FAQs specifically addressing the loan forgiveness provisions of the PPP.
This ten-page document has 23 questions that address loan forgiveness reductions for employee wages, transportation and utility fees, owner compensation, self-employed individuals and sole proprietors with no employees, as well as other gray areas of the law.
One area still not addressed is how payroll and FTE reductions will work if the borrower submits their application prior to the expiration of the 24-week period. You may view the New FAQs on the US Treasury website.
We will continue to keep you updated. Should you have any questions, please don’t hesitate to reach out to your tonneson + co representative.