Berntson Porter Coronavirus Resource Center Details

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New PPP Forgiveness FAQs Issued

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On August 4th, the SBA released additional FAQs addressing forgiveness of PPP loans. The FAQs clarify and provide examples for some common questions and calculations required on the forgiveness application. The FAQs include clarification on eligible payroll & non-payroll costs as well as loan forgiveness reductions. See the complete FAQs here.

The new FAQs continue to leave many questions unanswered, including questions regarding early forgiveness application when using a 24 week covered period. Congress is currently considering additional legislation which may provide additional targeted assistance for small businesses which have been significantly impacted by the pandemic. This legislation may also address the tax deductibility of PPP covered expenses.

As always, Berntson Porter will continue to monitor and provide updates as new information develops and new guidance is released. Visit our Resource Center for up-to-date information about COVID-19 legislation that impacts you and your business. Additionally, if you would like to work with the Berntson Porter team on PPP loan forgiveness, please complete and submit the PPP Assistance Form linked here.