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: https://www.hbkcpa.com/ppp-loan-forgiveness/