Updates on the PPP Forgiveness Process
Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process, please feel free to reach out to us.
Thanks to our friends at GBQ for providing a nice summary of the US Treasury Department’s release of FAQs from 8/4/20. We want to point out these top three clarifications for use of PPP funds:
- Business interest for real estate loans or equipment (fixed asset) loans can be paid with PPP funds. Interest on unsecured loans is not an acceptable use of PPP funds.
- Accelerating health or retirement benefits for small business owners is not an option.
- Transportation costs include only transportation utility fees assessed by state and local governments. The expense to operate business vehicles or pay mileage is not included.