by SKDOLast night, the SBA issued an interim rule relating to “owners” and the PPP. Below are the three main takeaways from the new guidance: A definition for “owner-employee” was finally provided. For PPP purposes only, an “owner-employee” is anyone who owns more than 5% of an S- or C-corporation. The amount of loan forgiveness requested […]
by SKDOLast week, the SBA issued a set of FAQs regarding PPP Loan Forgiveness. The list contained some new information but did not address some of the most important questions Borrowers have, like what the reduction factors and wage limitations look like if borrowers apply for forgiveness before the full 8 or 24 weeks are up. […]
by SKDOThe SBA issued 2 new sets of guidelines on June 23 and 24th that have provided some of the answers we’ve been waiting for. We’ve summarized the main points below. Submitting an application—The SBA has stated that a borrower may apply for forgiveness at any point during their 8- or 24-week covered period. The deadline […]