Paycheck Protection Program Loan Update
This an original post from one of our support organizations, IMEC.
Some of you may have taken advantage of the Paycheck Protection Program (PPP). Any borrowers who took loans under the PPP and would like to request forgiveness of their loan must complete an application. On Friday, May 15 the US Treasury released the Paycheck Protection Program loan forgiveness application.
The application is quite lengthy. You may want to refer to the recent blog just released by the Greensfelder Law Firm if you have questions on how to complete the form. The article does a thorough job addressing concerns like the following:
How to calculate costs that are eligible for forgiveness
Eligible payroll costs
Eligible non-payroll costs
How to calculate full-time employees (FTE) for the FTE-based reduction of the forgiveness amount
How to apply the safe harbor for employees terminated before April, 26, 2020, but re-hired by June 30, 2020
What is needed to submit a loan forgiveness application for it to be accepted as complete
What documentation you need to keep even if not submitted with the application
Upon submitting an application, you can expect a decision from your lender within 60 days.
If you have additional questions or need further assistance, please feel free to submit your request through the IMEC Illinois Manufacturing Helpline. Industry experts are on hand to provide individualized responses within 1 business day. Get in touch today!
In the meanwhile, register for the upcoming webinar with IMEC and Greensfelder:
Critical Information for Employers as Employees Return to Work Webinar
May 28 | 9:00am – 10:15am
Addressing key issues for employers as they prepare for employees to re-enter the workplace after pandemic-related closures or remote work.