The SBA has just released its loan forgiveness application and guidelines. A few key items they clarified are as follows:
You no longer have to consider partial pay periods for payroll forgiveness since under the alternative payroll covered period method you can start calculating forgiveness with the pay period beginning after the loan proceeds are received and ending with the pay period ending after the 56-day (8-week) covered period.
Rent includes leases for personal property such as equipment, autos, trucks, copiers, etc.
Utilities includes natural gas, heating oil, electric, water, sewer, both telephone landlines and cell phones, internet, and transportation which is expected right now to mean gas used in business vehicles.
Additional guidance should be issued as the SBA answers questions about these rules. Click here for the SBA PPP Forgiveness Application.
Your professionals at Castellano Korenberg & Co. are always available to assist you through this tough time of trying to make sense of all the new regulations being passed. Stay up to date with the most recent information by visiting castellanokorenberg.com, call us at 516-937-9500, or contact your CK professional for more information.