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News & Announcements
Update on Paycheck Protection Program (PPP) Loans – April 7, 2020
Important New Information – you may need to revise your application if it has not been processed.
The Department of Treasury released an additional set of Q&A’s last night that clarified some of the issues related to the PPP loans:
Friday was the first day applications could be submitted. I think we can safely say the opening day did not as planned. As of now, Monday morning, there are still many unanswered questions. The legislation authorizing PPP was drafted quickly and has left many open questions regarding implementation, i.e., the devil is in the details. While Treasury has issued some guidance, several important questions are still unanswered. Based on what we have seen, the banks are interpreting the details differently. We want to help those applying for PPP loans as much as possible but where there are issues that have not been addressed adequately, you will have to make some decisions.
On March 31, 2020, the IRS released an FAQ document that helps answer questions about the Employee Retention Credit that both employers and employees will find helpful. This FAQ offers definitions of some key terms in the legislation, examples on how those terms apply to some common scenarios, and provides guidance on how employers can claim the credit.