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News & Knowledge

USA: U.S. Treasury releases paycheck protection program loan forgiveness application

18th May 2020

MSI's NYC accounting member Gettry Marcus CPA, P.C. updates on recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On Friday May 15, 2020, the U.S. Treasury released the PPP Loan Forgiveness Application (“Application”).

Please see the below link to review the Application:

https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

With the complexities of the U.S. Treasury’s Application and overall forgiveness protocols and procedures, the Gettry Marcus Financial Assistance Services Group is here to help. Please contact your Gettry Marcus advisor for assistance with PPP loan forgiveness or to discuss developments included in the Application such as the U.S. Treasury’s:

  • Alternative Payroll Covered Period;
  • Forty-hour workweek benchmark for full-time equivalency (“FTE”) status;
  • Safe harbor requirements for both rehiring of employees and adjusting employee compensation;
  • FTE Reduction Exemptions for employees in the Covered Period or Alternative Payroll Covered Period who:
    • Were offered their position back, but the employee refused;
    • Were terminated for cause;
    • Voluntarily resigned;
    • Voluntarily requested and received a reduction in their hours;
  • Documentation required to substantiate loan forgiveness calculations.

The Gettry Marcus team is currently assisting clients at all different points in their fifty-six day Covered Period. The time is now to begin planning to maximize your loan forgiveness.

About Gettry Marcus CPA, P.C. - New York City

Gettry Marcus CPA, P.C., is a Top 200 firm nationally with offices in New York.

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