On June 5, 2020 the President signed the Paycheck Protection Program Flexibility Act into law. The act modified the PPP forgiveness process and provided some much anticipated relief to business owners. On June 16, 2020 the Small Business Administration released amendments to the forgiveness application and instructions. At the same time, a new EZ forgiveness application and instructions were also released.
Updated May 18, 2020 to include the Loan Forgiveness Application and related worksheets.
Last Updated June 20, 2020
You may have questions related to the Paycheck Protection Program (PPP) loans and forgiveness process. Included here are some of the direct links that may provide you with answers to some of your questions. HCP will work to keep this list updated as new information becomes available. We will also be posting a summary article in the next 2-3 days that will address many of the common questions related to the PPP forgiveness process.
The Small Business Administration has released results from the first 5 days of the second round of PPP funding. Loan volume through the close of business on Friday, May 1st included the approval of $176 billion through 2.21 million loans.
On Wednesday, April 29th the IRS released a draft revision of the Form 941 for expected use beginning with Q2 2020 filings.
The various programs being offered to help businesses and employees work through the COVID 19 pandemic have also created opportunities for cyber thieves. With many employees working remotely, it is even more critical to ensure your employees know how to watch for these threats. Attackers are posing as outsourced payroll / HR reps and asking employees to click a link that includes malware. Recipients are being asked to review payroll reports that contain information about a new (fraudulent) stimulus payment. This article provides more details about the scam. Please remind your teams - whether they are working in your office or remotely - to remain vigilant regarding email requests for information or verification.
The new small business guidelines for paid sick leave and expanded family medical leave provided in the FFCRA include gathering supporting documentation from the impacted employee(s).
With the release of an additional interim rule, the SBA cleared the way for all faith based organizations to participate in the Paycheck Protection Program. These guidelines will allow churches, synagogues, and other religious organizations that may have previously been unable to participate in the PPP to have access to the program. These forgivable loans are available to assist small businesses, nonprofits, and religious organizations in keeping their employees on staff and paid during the COVID 19 outbreak.
Updated - Saturday, April 4, 2020
On Thursday, April 2nd, the SBA released interim final rules on the Paycheck Protection Program. A link to these rules as well as FAQ's and interim final rules on affiliation are included below.
The Department of Treasury published the application as well several other supporting documents for the Paycheck Protection Program on Tuesday afternoon, March 31, 2020. The program was designed to provide small businesses with the funds to retain their employees through the COVID 19 crisis. If small business owners use the funds as directed by the CARES Act and the Treasury Department, the loans will be eligible for forgiveness through the Small Business Administration. While backed by the SBA, the loan applications will be handled by local banks that already have affiliation with the SBA through their 7(a) loan program. You can access the application as well as program overview information below:
On Friday, March 27th Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and it was signed by President Trump later that afternoon. The first section of the bill is focused on keeping employees of America's small business on the job and receiving paychecks.