While the U.S. Treasury Department and Small Business Association have released the new Paycheck Protection Program (PPP) Loan Forgiveness Application, there are still questions.
According to Kegler Brown Hill + Ritter, the application does three things that nearly all guidance has done since the creation of the PPP — (1) it differs in some ways from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and subsequent guidance, (2) it clarifies some important issues, and (3) it creates more questions. Click here to read the knowns and unknowns about PPP from Kegler Brown Hill + Ritter.
In late April, NGWA CEO Terry S. Morse, CAE, CIC, interviewed Brendan Feheley of Kegler Brown Hill + Ritter, who discusses the difference between the terms “furlough” and “layoff,” as well as details about the CARES Act. He also shares tips and ideas on how to best manage your PPP loan, your staff, and best practices when the time comes to reopen your offices. Click here to watch the interview.
While the application does provide a clearer sense of eligible uses of funds for PPP forgiveness, NGWA encourages you to work with your accounting staff or financial advisors to ensure you receive the maximum forgiveness.
Completed applications are to be submitted first to the lender of your PPP funds, who will begin the forgiveness process.
For more details on PPP and other COVID-19 news, visit NGWA’s COVID-19 resources section.