oronavirus - Small Business Administration

A Paycheck Protection Program Alert

You’re not alone if you’re confused about the rules for getting your Small Business Administration Paycheck Protection Program loan forgiven. Rules and guidelines for completing the Forgiveness Application were released Friday, May 15, but discussions regarding changes or updates to those rules are ongoing in the U.S. Congress. There appears to be bipartisan support for extending the “covered period” for calculating loan forgiveness beyond the current eight weeks to at least 10 and perhaps longer, and for greater flexibility in terms of how the loan proceeds can be spent to qualify for forgiveness.

HBK is staying on top of the talks and we will keep you informed about changes as they are released. In the meantime, we are advising our clients to follow the current rules and guidelines as published in the May 15 SBA Forgiveness Application release.

For a thorough review of the requirements and procedures for completing the Application as of May 15, link to the recording of our May 18 webinar on the subject at: http://hbkcpa.com/ppp-loan-forgiveness/

About the Author(s)
Amy Reynallt is a Manager with the HBK Manufacturing Solutions Group in the Youngstown, Ohio office of HBK CPAs & Consultants. She is experienced in navigating the strategic and financial matters associated with manufacturing and works closely with manufacturers to help them plan, execute, and meet their short- and long-term financial goals.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.