As the initial rush to apply for the Paycheck Protection Program (PPP) subsides, new issues and concerns have bubbled to the surface. Cerity Partners is committed to providing you with the most current information to help you successfully navigate the program and make sound decisions.
Here are the latest developments as of May 6, 2020. We encourage you to reach out to your Cerity Partners advisor to learn more and for assistance with any additional questions you may have.
Having second thoughts? Not sure you meet the “Need Certification” section of the application? You have until May 14 to repay your PPP loan without consequences.
To help ensure the funds go to businesses truly in need, Treasury Secretary Steven Mnuchin has announced a full review of all PPP loans over $2 million.
Unlike what many business owners believe, the 75% of the loan you spend on payroll does not make the entire loan forgivable. Don’t get caught by surprise. We can help you estimate how much of your loan is eligible for forgiveness.
Congress and the Treasury Department have differing opinions about whether business owners can deduct certain expenses if their PPP loan is forgiven. We expect more guidance on this issue. It may be addressed in a future stimulus package.
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