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Paycheck Protection Program (PPP) Q&A

The U.S. Department of the Treasury has released an additional Q&A update of Frequently Asked Questions surrounding the Paycheck Protection Program (PPP).  A few questions asked in the FAQ update include:

Are small business concerns (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) required to have 500 or fewer employees to be eligible borrowers in the PPP?

My small business is a seasonal business whose activity increases from April to June. Considering activity from that period would be a more accurate reflection of my business’s operations. However, my small business was not fully ramped up on February 15, 2020. Am I still eligible?

Should payments that an eligible borrower made to an independent contractor or sole proprietor be included in calculations of the eligible borrower’s payroll costs?

The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?

For the full list of Q&A in the update from the U.S. Department of the Treasury, follow the link here.

For additional information on the CARES Act and Paycheck Protection Program (PPP), check out our COVID-19 Resources Center.

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