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.
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.
