Online Job Home Ppp Forgiveness Application Safe Harbor

Sba provides new safe harbor guidance for ppp loan forgiveness may 15 2020 when obtaining a paycheck protection program ppp loan as a borrower you must certify in good faith that current economic uncertainty makes this loan request necessary to support your ongoing operations.

Jobs related to services job application cv. Compliance with either safe harbor eliminates any decrease in loan forgiveness based upon a reduction in fte levels. Consistent with the cares act and the ppp flexibility act the ppp loan forgiveness application also provides two safe harbors related to fte reductions. On june 5 2020 president trump signed the paycheck protection program flexibility act into law.

The flexibility act amends the paycheck protection program ppp provisions of the coronavirus aid relief and economic security act cares act in several important ways including by giving borrowers more time to spend loan funds and still obtain forgiveness increasing the amount of non. Provides a safe harbor from reductions in forgiveness based on reductions in full time equivalent. In the meantime this new safe harbor will hopefully lead to many more small businesses feeling more confident about applying for and receiving ppp funds with less worry about problems down the road.

Application instructions pp 1 2 2. Sba also updated ppp schedule a worksheet to clarify that for purposes of calculating the fte reduction safe harbor 2 the borrower must compare its total fte as of the earlier of december 31 2020 and the date the ppp loan forgiveness application is submitted. Fte reduction safe harbors.

Simply assign a 10 for employees who work 40 hours or more per week and 05 for employees who work fewer hours. The sba issued a faq extending the due date to seek relief under the sbas safe harbor for borrowers who made incorrect certifications during the ppp loan process.