We are getting a lot of questions regarding the amount of retirement contributions paid during the qualifying period for the forgiveness calculation, such as:
It seems possible that the complexities are such that Treasury/SBA will simply allow any retirement contribution paid during the qualifying period to count, but we don’t have any guidance yet, so there are no answers to these questions.
Secretary Mnuchin has been quoted as telling a Senate committee at yesterday’s hearing, “I thought the guidance we put out dealt with all the issues.” Secretary Mnuchin indicated he would answer the committee’s specific questions received from constituents but did not say those answers would be widely available. Therefore, it is not clear what additional guidance might be issued. Let’s plan for the worst (no guidance) and hope for the best. In that regard, our advice is to: