Federal Tax, SBA

SBA Issues Additional PPP Loan Forgiveness FAQs

The Small Business Administration (SBA), in consultation with the U.S. Treasury Dept., has issued additional FAQs regarding the forgiveness of Paycheck Protection Program (PPP) loans. In general, the new FAQs provide guidance on general loan forgiveness, payroll and nonpayroll costs, and reductions to a borrower’s forgiveness amount. More specifically, the SBA details how to calculate the amount of forgivable compensation for owners of C corporations, S corporations, self-employed Schedule C (or Schedule F) filers, general partners, and LLC members. The SBA said that borrowers and lenders may rely on the FAQs. Download the FAQs here. Feel free to contact Cg with questions. © 2020