How to Navigate Paycheck Protection Program Loan Forgiveness
While the 5-page Paycheck Protection Program (“PPP”) Loan Forgiveness Application looks pretty simple, those who have already worked with the form know that it is not. Questions such as what payroll and non-payroll costs are forgivable are not always clear, as are the rules for counting the number of employees that you employed during the Covered Period and how to account for reductions of salaries.
Realizing that PowerPoints filled with lots of text are hard to follow, several of my colleagues and I went through the process of filling out a Loan Forgiveness Form for a hypothetical company in our most recent Navigating Series program. For those of you who missed the program or who would like to see it again, it is now available on our website. We have also included many of the questions that were asked by viewers that we did not have time to answer at the original presentation.
Please visit our Coronavirus: Preparation & Response series for additional resources we hope will be helpful.
This information is provided by Vinson & Elkins LLP for educational and informational purposes only and is not intended, nor should it be construed, as legal advice.