Update to PPP Forgiveness Rules – Interim Rule issued May 22 – MANY FAQs ANSWERED!
The SBA in conjunction with the US Treasury have issued ANOTHER interim rule on the PPP forgiveness guidelines. This interim rules speaks to some of the guidance on the new forgiveness application, but also dives deeper into a few new clarifications as well.
PPP Loan forgiveness rules are changing constantly, so be sure to stay up to date by subscribing to this channel! This video covers the Interim Rule issued on May 22, 2020.
In this video, we answer:
Can I give my employees Hazard Pay?
Can I give employees bonuses?
Can I pay myself more as the owner?
How many hours is an FTE?
When will the forgiveness determination be made?
Who can elect an alternative payroll covered period?
Can I get more than 2 months of utilities covered?
Can I prepay my mortgage interest?
The interim rule is HERE for your reference: https://home.treasury.gov/system/files/136/PPP-IFR-Loan-Forgiveness.pdf
To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions
Find us at: https://claracfo.com/
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Clara CFO Group, LLC or its members cannot be held liable for any use or misuse of this content.