There have been numerous changes happening with the SBA loans with regards to Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The link below provides the “Interim Final Rule” which announces that Section 1102 of the Act temporarily adds the “Paycheck Protection Program” (PPP) to the 7(a) Loan Program and Section 1106 provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the PPP.
We are working with the AICPA’s guidance (American Institute of Certified Public Accountants) to construct a template guide to use for assembling the information in a format acceptable to remit the 8-week report to allow for the forgiveness portion of the PPP loan. In the meantime, it will be important to maintain up-to-date payroll and financial records that will be necessary to use for the forgiveness request. The forgiveness portion of the PPP loan will not be considered income.
https://content.sba.gov/sites/default/files/2020-04/PPP–IFRN%20FINAL.pdf
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