On June 22, 2020, the U. S. Small Business Administration (SBA) issued Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule. The interim rule covers:
The complete interim rule is available on the U.S. Treasury website. This interim rule was issued to supplement the PPP revised loan forgiveness application and instructions issued on June 16, 2020. Read our article covering the key takeaways from the application and instructions.
Here are the key takeaways that weren’t addressed in our Paycheck Protection Program Revised Loan Forgiveness Application
We have developed the blumshapiro PPP Loan Forgiveness Toolkit & Calculator to assist you in making your calculations. We will continue to update the blumshapiro PPP Loan Forgiveness Toolkit & Calculator as additional guidance becomes available. Our loan toolkit will We expect to issue an updated loan forgiveness tool kit as soon as additional FAQs are released related to loan forgiveness. As long as the blumshapiro PPP Loan Forgiveness Toolkit & Calculator is downloaded via blumshapiro.com, all downloaders will get notified of any changes to the PPP Loan Forgiveness Toolkit & Calculator.
blum has been on the forefront of interpreting PPP guidance and providing trusted resources for clients to keep them apprised of constant changes and providing the most up-to-date information to assist in calculating loan forgiveness. Our team is working with clients to assist them with navigating through compliance requirements of the loan forgiveness program, to ensure forgiveness is received, help expedite the loan forgiveness process and provide a reliable and trusted source of information. Learn more about our loan forgiveness services >>
Disclaimer: Any written tax content, comments, or advice contained in this article is limited to the matters specifically set forth herein. Such content, comments, or advice may be based on tax statutes, regulations, and administrative and judicial interpretations thereof and we have no obligation to update any content, comments or advice for retroactive or prospective changes to such authorities. This communication is not intended to address the potential application of penalties and interest, for which the taxpayer is responsible, that may be imposed for non-compliance with tax law.
Disclaimer: The contents of this resource are for general informational purposes only. While every effort has been made to ensure its accuracy, the information is provided “as is” and no representations are made that the content is error-free. We have no obligation to update any content, comments or other information for retroactive or prospective interpretations or guidance provided by regulators, financial institutions or others. The information is not intended to constitute legal advice or replace the advice of a qualified professional. There are areas of the CARES Act where additional clarification from the Treasury Department and the SBA is needed. Your judgment and interpretation of the act may be needed. Users should consult with their legal counsel and representatives of the lending institution regarding the proper completion of their application and supporting documentation.