Yesterday the Small Business Administration released updated FAQs relating to the Paycheck Protection Program and an FAQ specific to loan forgiveness. These documents serve as additional guidance for business owners participating in the program.
For businesses seeking forgiveness, the new forgiveness FAQ is an important source of information. The FAQ is split into five sections:
- General forgiveness
- Payroll costs
- Nonpayroll costs
Importantly the payroll costs section includes information on calculating the forgiveness of owners’ compensation for C-corp, S-corp, general partners, and LLCs. This has been an area with many open questions. The full list of FAQs is available here.
Two new questions were added to the PPP FAQ document relating to the payment of fees to agents and if vision and dental benefits are included in forgiven healthcare benefits. The full PPP FAQ is available here.
We will continue to update you as we receive more information. Please reach out to Alex Ayers with any questions.