Please visit our COVID-19 resources page with more information for business owners and employees.
Updates from the SBA and Department of Treasury
On May 22, the Small Business Administration (SBA) and Department of Treasury released two interim final rules for loan forgiveness under the Paycheck Protection Program (PPP). While they clarified parts of the loan forgiveness application, the final rules did not change two debated areas of concern: expanding the eight-week period during which businesses can spend the funds, and the requirement to spend at least 75% of the loans on payroll costs to be eligible for loan forgiveness.
To assist with navigating PPP loan forgiveness, the U.S. Chamber of Commerce prepared a guide to PPP loan forgiveness with tips, instructions, and recordkeeping requirements. Most notably, it gives instructions on calculating your eight-week loan period and payroll costs. You may also reference the U.S. Treasury’s answers to frequently asked questions.
Need additional help? Our experts have provided a helpful walkthrough to the PPP loan forgiveness application. You can also find much more COVID-19 info for your workplace and employees on our resources page. For a custom report, log into your Nextep account and select COVID-19 resources, then PPP Loan Dashboard.
We’re monitoring all updates to the PPP loan forgiveness regulations and will share new information as it becomes available.