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