Forgiveness reductions when an employer offers to rehire employees who decline employment
The intersection of the interim final rule issued on April 27, 2020 related to seasonal employers choosing to utilize the alternative seasonal dates for calculation of a PPP loan and the application for a loan.
The applicability of nonprofit hospitals as “nonprofit organizations” under section 1102 of the CARES Act.
Established as a provision under the CARES Act (the “Act”) and signed into law on March 27, 2020, the Paycheck Protection Program (PPP) loans were created as a measure to place Federal stimulus funds in the hands of the employees of small businesses. Calculated based upon average payroll as defined in the Act times 2.5, these PPP loans, if used for covered purposes and without reduction in workforce, may be forgivable to businesses.
While the guidance continues to evolve through both the issuance of Final Interim Rules and FAQs, Citrin Cooperman is providing the information on this webpage to assist you in determining the potential impact on your business from participating in the PPP.
Citrin Cooperman will continue to update this webpage with clarifications set forth by the SBA and Treasury as this additional guidance is issued. This webpage contains an “updated through date” which will correlate with the most recent updates provided by the regulators and available to you.
While this webpage is intended to help you gain additional insights into the PPP, it is not intended to be all encompassing and does not constitute legal advice. Please contact your Citrin Cooperman partner or any PPP specialist to assist you with guidance as it relates to your specific facts and circumstances. Specific questions regarding your PPP application or loan should be referred to your attorney.
Citrin Cooperman will continue to provide the most up-to-date information on the PPP, new guidance and our interruptive analysis of the potential impacts on the business community.
April 30, 2020—AICPA releases video and FAQs on Paycheck Protection Program
April 29, 2020—SBA Updates FAQ through FAQ #39
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