Heroes, Heals and Elections…
Heroes, Heals and Elections…
I am more convinced that any new developments will not be out until after the election which is why the SBA took the initiative and modified the PPP Under $50,000 Loan Forgiveness form to make it a one page form since Congress wasn’t getting anything done. If you have any questions on the new form, please email me or see my last email that came out on Friday, October 9. When was the last time you saw SBA and initiative in the same sentence?
The House and the Senate are still not together on getting something together so here is a summary altogether:
There still is no PPP round two. If you are looking for additional funds, we are still waiting for an update.
The only form that has been made easier is the forgiveness form for loans of $50k or less – Form 3508S.
For loans over $50,000, you are still subject to the 3508 and 3508EZ.
You still have to make sure you had at least the same number of FTE at the end of your covered period as you did at the beginning of the year to get your entire loan forgiven UNLESS you were forced to close by order of the government i.e. restaurants, caterers, nail salons etc. Then the FTE rule does NOT apply to you.
You still have 10 months from the end of your covered period to get your loan forgiven, so you still have some time.
