Shedding Light on the Mysteries of the PPP
June 10, 2020 CGS3 Coronavirus/COVID-19
After weeks of confusion, the Small Business Association published the Loan Forgiveness Application, answering many of the questions that arose following the introduction of the Paycheck Protection Program in late March. The new Loan Forgiveness Application provides guidance on what borrowers are entitled to during the covered period, which nonpayroll costs are included, additional required documentation and more.
In a recent article, CGS3 partner and tax expert Phil Jelsma discusses some of the SBA’s clarifications on loan forgiveness, as well as ways to appropriately utilize the funds.
Read the full article from the Daily Journal here or from the Daily Transcript here (subscription required).