On Friday, May 15, the SBA and Treasury Department announced important information regarding the forgiveness rules and calculations for loans under the Payroll Protection Program (PPP). This information answered a number of questions that remained around the forgiveness process, and provided a roadmap for calculating these amounts. In response to this, the American Institute of Certified Public Accountants (AICPA) has released additional information, including various calculators to assist companies and accountants with calculating the forgivable amount of these PPP loans. While it is still expected that additional information will be released, including answering more outstanding questions and possible changes to some of the information, these are very important tools to become familiar with in order to maximize forgiveness.
Click here to visit the AICPA website for tools.
For additional questions surrounding the information included or assistance with calculating the amounts eligible for forgiveness, please contact Dan Macintosh or Scott Hasbrouck.