The US Department of Treasury this week released FAQs for the Paycheck Protection Program, expected to reopen any day now. It’s a good resource of information if you are just now looking at applying for this loan program. https://www.sba.gov/sites/default/files/2020-05/Paycheck-Protection-Program-Frequently-Asked-Questions_05%2013%2020_2.pdf
According to the Alabama Small Business Development Center, the Small Buisness Administration (SBA) has released a Loan Forgiveness Application designed to educate borrowers on how to apply for PPP loan forgiveness. The application includes a worksheet that details how to calculate the amount of the loan that can be forgiven and provides a summary of costs eligible for forgiveness. The SBA also provided a list of documents borrowers have to submit with their forgiveness applications.
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Are tax credits available for employers?
The CARES Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. The refundable credit is applied against the employer portion of payroll taxes. According the U.S. Chamber of Commerce, the Treasury Department will develop a process for employers to receive an advance payment of the tax credit, with the Internal Revenue Service issuing further guidance. Click here for more information.
The U.S. Department of Treasury uploaded its latest documents and information for business owners planning to files for the CARES Act Paycheck Protection Program, expected to open for filing on Friday, April 3. Below the most up-to-date documents:
Find an Eligible Lender for Paycheck Protection Program – https://www.sba.gov/paycheckprotection/find