The most important item to note is that the FAQ indicates eligible payroll and non-payroll costs incurred before the covered period, but paid during the covered period, can be included in the calculation of the loan forgiveness. This is in addition to the costs incurred during the covered period including amounts paid following the end of the covered period as long they are paid by the next scheduled pay date or billing date.
The SBA also clarified the definition of eligible transportation utility costs to include transportation utility fees assessed by state and local governments. Other areas addressed include owner and owner-employee payroll costs and further clarification on reduction of forgiveness due to FTE or wage reductions. The FAQ also indicates that interest on unsecured credit is not allowed.
Anderson ZurMuehlen has assembled a PPP Expert Team trained in reviewing prepared applications or preparing the application on your behalf. Please contact your accountant if we can be of any assistance as you apply for loan forgiveness.
Please see the link below to access the newly issued FAQ:
We know the continued changes to the Payroll Protection Program can feel overwhelming and confusing. Rest assured we are doing our best to stay on top of these changes and are happy to answer your questions.