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https://www.firstrust.com/blog/may-2020/what-you-need-to-know-about-ppp-loan-forgiveness

Coronavirus Aid, Relief, and Economic Security (CARES) Act Updates

2020-06-25 14:54:18, , Firsttrust

Content Categorization
/Finance

Word Count:
584

Words/Sentence:
22

Reading Time:
3.89 min

Reading Quality:
Intermediate

Readability:
11th or 12th

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The Coronavirus Aid, Relief and Economic Security (or CARES) Act that was signed into law in March contains numerous provisions intended to help mitigate the economic damage caused by the coronavirus pandemic on families and businesses.

In short, PPP loans will be converted to grants and forgiven if your business retains all employees for a period of eight weeks after receiving funds and maintains their salary levels during this time.

Note that if you laid off any employees or reduced salary levels between February 15, 2020, and April 26, 2020, you have until June 30, 2020 to restore your FTE and salary levels in order to receive full loan forgiveness.

One of the key business-related provisions of the Act is a new loan program designed to provide a direct incentive for businesses to keep their employees on the payroll during the crisis.

To note, the U.S. Small Business Administration and Treasury Department have not issued final guidelines as of May 5, 2020, so some of this information may change at any time without notice.

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