On Friday, May 22, 2020, the Small Business Administration (SBA) and Department of Treasury issued an Interim Final Rule (IFR) that provides some additional clarity on Paycheck Protection Program (PPP) loan forgiveness. The IFR comes on the heels of the forgiveness Application that SBA issued several days prior (Application). In addition to the guidance in the Application, the IFR provides in part:
The IFR provides examples of how to calculate full-time equivalent employees.
The rules surrounding PPP loan use and forgiveness are complex and business specific. If you have concerns about the rules, please contact Ford Turrell, Timothy Hillegonds, Rob Davies, Matthew Crowe or your Warner attorney.
