SBA/Treasury Joint Statement Issued
The SBA and U.S. Treasury posted a joint statement on Monday with new information on the PPP to clarify confusion on the Act that was passed just days before. Never a dull week in payroll.
There was uncertainty in the language used in the PPP Flexibility Act whether any of the loan would be forgiven if less than 60% was spent on payroll. They have clarified that it will be a sliding scale if you use "less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs."
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