April 4, 2020
Late Thursday evening, April 2, the SBA posted revised provisions regarding the Paycheck Protection Program (PPP). These provisions changed the PPP application form, the calculation for payroll costs used to determine the PPP loan amount, and provided additional guidance on the process. Banks have been challenged to upgrade systems for these last minute changes causing delays in processing loan applications. The revised SBA application can be found below.
- SBA Paycheck Protection Program Application
- U.S. Department of Treasury – Assistance for Small Businesses
- BLS Important Update: COVID-19: The CARES Act
As you can see, these calculations are not very straightforward. Please be sure to reach out to your BLS Team Member or email us at firstname.lastname@example.org with any questions on the PPP loans or other aspects of recent federal legislation.
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Your BLS Team