On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]
Tag: Paycheck Protection Program
Paycheck Protection Program Flexibility Act Signed by President
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]
Paycheck Protection Program – A Primer on Payroll
What are gross wages and why don’t they match the tax forms? The Paycheck Protection Program (PPP) requires applicants and lenders to use gross wages in calculating the loan amount. Gross wages is defined as the total amount paid by an employer to an employee. Gross wages is the amount before any deductions and is[ … ]
