May 27, 2020

2020 – 05/27

Interim final rules on calculating loan forgiveness amounts under the Paycheck Protection Program (PPP) have been issued by the Small Business Administration (SBA). They generally mirror the PPP loan forgiveness application instructions the SBA published on May 15, 2020. Among other things, the rules confirm that an “alternative payroll covered period” may be used to compute payroll costs and clarify that salary, wages and commission payments to furloughed employees are eligible for loan forgiveness. The SBA also posted information detailing its process for reviewing PPP loan applications and loan forgiveness applications. Read the interim final rules: