PPP Forgivable Loan Program: An Update from the SBA

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The SBA has published an interim final rule that describes the Paycheck Protection Program. This includes a useful explanation of various elements of the Program. The rule can be found online: https://home.treasury.gov/system/files/136/PPP--IFRN FINAL.pdf. Starting at page 8 are several examples of how to calculate average monthly payroll – a key number that (when multiplied by 2.5) is a dollar amount that can be borrowed under the Program.

As noted in the rule, if your business received a recent Economic Injury Disaster Loan (EIDL) from Treasury, you can add that amount to your payroll-derived total.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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