SBA Releases FAQ Document On PPP Loan Forgiveness
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has produced guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as amended by the Paycheck Protection Program Flexibility Act.
The SBA’s guidance, produced as a Frequently Asked Questions (FAQ) document, breaks its contents down into multiple categories. Among them are FAQs on general loan forgiveness, loan forgiveness payroll costs, loan forgiveness nonpayroll costs and loan forgiveness reductions.
The guidance includes numerous areas relevant to practitioners in the promotional products industry. For example, it states that sole proprietors, independent contractors and self-employed individuals who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the borrower application form automatically qualify to use loan forgiveness application form 3508EZ or their lender equivalent.
Click here for the full guidance document.