Baldwin Haspel Burke & Mayer LLC

BHBM Tax Law Alert | PPP FAQs Update

Posted on by Baldwin, Haspel, Burke & Mayer


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U.S. Small Business Administration Answers Frequently Asked Questions Regarding Forgiveness of Paycheck Protection Program Loans

On August 4, 2020, the U.S. Small Business Administration (“SBA”) issued guidance in the form of answers to frequently asked questions (“FAQs”) regarding the forgiveness of Paycheck Protection Program (“PPP”) loans. The PPP was established as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which became law on March 27, 2020, and was intended to provide aid to U.S. businesses dealing with the COVID-19 pandemic.

The SBA divided the FAQs into four sections: 1. General Loan Forgiveness, 2. Loan Forgiveness Payroll Costs, 3. Loan Forgiveness Non-Payroll Costs, and 4. Loan Forgiveness Reductions. This alert highlights some of the critical details from those four sections.

General Loan Forgiveness

Loan Forgiveness Payroll Costs

Loan Forgiveness Non-Payroll Costs

Loan Forgiveness Reductions

Please contact us at 504.569.2900 with any questions regarding these FAQs or the PPP forgiveness application process in general.

To visit our COVID-19 Business Resource Center, including our previous Tax Law Alerts, click here.

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The information contained within this newsletter does not constitute legal advice and is not intended to create an attorney-client relationship. You should consult an attorney for individual advice regarding your own particular situation.



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