• Derek Carter

[1.22.21] Resource Guide

The SBA released a great deal of information this week. In order to help you navigate all the information that exists I have linked the most up to date and relevant information below.

Forgiveness Applications

Loans $150,000 and less - 1 page, simple form. No documentation required.

Loans > $150,000 - You must be able to certify that you meet the two eligibility requirements. You did not reduce salary or wages by more than 25% AND you did not reduce headcount OR you were not able to operate at the same level of business activity during your covered period compared to pre-COVID based on government requirements. This form is much simpler than the long form. You will submit documentation to support payroll and non-payroll costs.

Loans > $150,000 (long form) - This form is labor intensive.

Other Information

The SBA has put out other relevant information as well. These documents take most of the guidance that has been issued at some point over the past year and get it into a more succinct format. I encourage everyone with or interested in government assistance programs to review it.

1st Draw Loan Application

2nd Draw Loan Application

1st Draw Loan Calculations

2nd Draw Loan Calculations, including revenue reductions

Interim Final Rule on PPP Program

Interim Final Rule on 2nd draw loans

Interim Final Rule on Forgiveness

We continue to wait for guidance from the IRS related to the Employee Retention Credit (ERC) program. You can final the latest information on the program on the IRS Website. As of this writing, they have not updated their information related to changes included in the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

Stay tuned for more updates.