The Small Business Administration (SBA) and Department of Treasury released an updated Paycheck Protection Program (PPP) Loan Forgiveness FAQ with detailed instructions on Tuesday, August 4, 2020 as the COVID-19 pandemic continues.
The FAQs cover:
- General loan forgiveness
- Payroll costs
- Nonpayroll costs
- Reductions
Future legislation may impact this and other PPP-related guidance. We will continue to monitor possible updates, promptly advising you should the current documents be revised or amended.
If you have questions about PPP-related matters, please connect with your PKF Texas Business Advisory team members.
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Additionally, we are keeping PKFTexas.com/COVID-19 up-to-date with information and resources to assist you as we all navigate these quickly-changing times.