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WHAT TO THINK ABOUT AFTER YOU GET YOUR SBA PAYCHECK PROTECTION PROGRAM (PPP) LOAN
SBA PPP loan paper on an office desk with a pen and calculator.
  1. Review the updated US Treasury FAQ and Interim Final Rules to see if these impact your business in any way. The US Treasury Department is posting new rules and guidance at  https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
  2. Maintain your records of how your business is impacted by the COVID crisis and your determination of need for a PPP loan. There has been guidance issued by the SBA related to whether a business was eligible for a loan, at the time of application, based on the following certification: Current economic uncertainty makes this loan request necessary to support ongoing operations of the Applicant.  If an entity determined that it was not qualified at the time of application for the PPP loan, it may return the loan, under a safe harbor rule that was extended to May 14, 2020.
  3. Document all of your qualified loan forgiveness expenses, which include payroll costs, qualified rent, utilities and mortgage interest expense.  A reminder, that as of the date of this post (May 8,2020), only 25% of the loan forgiveness amount can be attributed to qualified rent, utilities and mortgage interest expense (at a minimum 75% must be attributed to payroll costs).
  4. Talk with your PPP loan lender to see what it will be asking you for in terms of loan forgiveness documentation and when the process of submitting the loan forgiveness amount to the SBA will begin for your particular loan (loan forgiveness is based on a period of  8 weeks from the date of disbursement of the loan ).
  5. Run estimated loan forgiveness calculations based on the information you have at the time to get a sense as to how much of your PPP loan may be forgiven.
  6. Keep apprised of any changes in the loan forgiveness rules and calculations.  Visit the above website regularly to review the latest information posted by the US Treasury.
If you have any questions about PPP loans, please contact Jennifer L. Chadwick or Collin Doane in our corporate banking department.
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