Raich Ende Malter and Co Llp issued the following announcement on July 6
The Small Business Administration released an extensive Paycheck Protection Program (PPP) FAQ last week. It can be found here.
Important new considerations include:
- Loan maturities on PPP loans will vary based on the date the loan number was assigned; before or after June 5, 2020. Before the date equates to a two-year loan unless the borrower and lender come to another agreement, after the date it is a five-year loan (#49).
- Options for time periods to determine the number of employees and the related payroll costs (#14, #20).
- A new loan forgiveness application has been made available, as well as an EZ application. However, be aware that your lender will likely have their own forgiveness application on their portal that they will require you to use.
We expect further changes and clarification in the coming days and weeks. Please reach out to your trusted REM advisor with any questions.
This is an ongoing series of updates provided to help businesses attain financial aid to offset loss of revenue due to the COVID-19 pandemic. Previous articles in this series can be found here.
Original source can be found here.
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