This weekend, the Small Business Administration issued the Loan Forgiveness Application for the Paycheck Protection Program (“PPP”). Also, the U.S. Chamber of Commerce has issued a helpful state by state reopening guide. Set forth below is more information and links for each.
PPP Loan Forgiveness Application :
The Small Business Administration has released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application . The application provides step-by-step instructions on, and answers some longstanding questions about, how the amount of loan forgiveness – and any applicable reductions – are calculated. Critical points from the document include the definition and calculation of full-time equivalent (“FTE”) employees , the calculation of salary and wage reductions , and the analysis for the PPP safe harbor provision , which excludes employers who hire or rehire employees. The loan application form also includes the documentation a borrower is required to provide to the lender for loan forgiveness purposes. You can find the application: HERE
State Reopening Guide :
The U.S. Chamber of Commerce has issued a comprehensive state reopening guide. It includes state-specific guidance , sector-specific guidance (such as for restaurants, schools, office-based businesses, etc.), small-business-specific guidance (like expert advice on supporting your employees through a crisis), and additional tools and resources (such as a standardized employee screening questionnaire on COVID-19 related issues, and information from CDC and OSHA). You can find the guide: HERE
If you have any questions relating to this eAlert, or any other COVID-19 issue, please contact NFC’s COVID-19 Response Team as we are closely monitoring the rapidly changing legal landscape relating to this global pandemic. Please feel free to reach out to the NFC Attorney you typically work with or call us directly.