Revised PPP Loan Forgiveness Application
On Wednesday June 17, 2020, the US Small Business Administration, in collaboration with the US Treasury, released a revised Paycheck Protection Program (PPP) Loan Forgiveness Application. The application reflects changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5, 2020.
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PPP Loan Forgiveness Changes Coming
On Wednesday night, (June 3, 2020) the Senate passed the House’s Paycheck Protection Flexibility Act. This legislation, if signed, will make key changes to the loan forgiveness provisions of the Paycheck Protection Program (PPP). The President is expected to sign the new legislation.
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Maryland Coronavirus Recovery Plan
Due to the recent updates with the coronavirus statistics in Maryland, Governor Hogan announced on May 13th that the stay-home order will be lifted on Friday, May 15th at 5pm. In order to recover from this nationwide epidemic, safety measures and physical distancing should remain in place. Maryland plans to recover by additionally following four essential recovery plan building blocks.
Keep in mind that it is up to the county executive to decide whether or not to agree with Hogan's plan.
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IRS Notice 2020-32: Deductibility of Expenses when Loan is Forgiven Under Paycheck Protection Program (COVID-19)
The IRS has just provided guidance regarding the deductibility (or non-deductibility) of expenses paid from funds received from Paycheck Protection Program small business loans. As discussed in our prior blog, loan recipients can receive loan forgiveness in an amount equal to the sum of payments made for payroll costs, interest on mortgage obligations, rent obligations, and utility payments, but at least 75% of the forgiven amount must have been used for payroll.
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Follow Up Steps for Payroll Protection Program
Once a business has applied for and been granted funds for the Payroll Protection Program (PPP), there are several considerations to keep in mind as follows
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