Paycheck Protection Program Forgiveness and COVID-19 Update

Slides - November 12 Program

PPP Forgiveness Front Page Excel Sheet

SBA Ordered to Release Names and Addresses of PPP Borrowers - WP Company LLC v. SBA

• Recent SBA Guidance from Current Federal Tax Developments Website

  • SBA Announces Will Create Questionnaire to Determine Need for PPP Loans, Purported Copies Being Circulated Online

  • SBA Provides Relief from Forgiveness Reduction for PPP Loans of $50,000 or Less, and Limits Need for Lender to Review Expenses in Excess of Those Necessary for Forgiveness

  • SBA Issues Notice Regarding Impact of Change of Ownership for PPP Borrower

  • FAQ on PPP Loan Forgiveness Issued by SBA with Some Surprises on Shareholder-Employee Payroll Costs

  • Guidance Issued in the Form of FAQs on Interaction of EIDL Advances and PPP Loan Forgiveness

  • SBA Updates PPP FAQ With Information on Third Party Fees and Insurance Qualifying as Payroll Costs

  • SBA Publishes Interim Final Rule on Appeal Procedures for Certain SBA Decisions Regarding a Borrower's PPP Loan

  • SBA Defines Owner-Employees as Those Holding a 5% or More Interest, Clarifies Certain Lease Nonpayroll Cost Issues in New PPP Forgiveness IFR

• PPP Forms (note—banks may insist that borrowers use their versions of these forms

  • Form 3508 - Paycheck Protection Program Forgiveness Application - Instructions

  • Form 3508-EZ - PPP Loan Forgiveness Application Form 3508EZ (for borrowers that meet certain safe harbors) Instructions

  • Form 3508S - PPP Loan Forgiveness Application Form 3508S (self-certification for loans of $50,000 or less) Instructions

  • Federal Register publication by SBA confirming Form 3509 and 3510 for large borrowers

  • Unconfirmed version of Form 3509 published by Politico on October 30 and also found on other sites, as well as reported as being sent to specific borrowers

• AICPA Financial Reporting Technical Q&A on PPP Loans - TPA 3200.18