Paycheck Protection Program Loan Update

Some of you may have taken advantage of the Paycheck Protection Program (PPP). Borrowers who took loans under the PPP and would like to request forgiveness of their loan must complete an application. On Friday, May 15 the US Treasury released the Paycheck Protection Program loan forgiveness application.

The application is quite lengthy.  You may want to refer to the recent blog just released by the Greensfelder Law Firm if you have questions on how to complete the form. The article does a thorough job addressing concerns like the following:

• How to calculate costs that are eligible for forgiveness
  • Eligible payroll costs
  • Eligible non-payroll costs
• How to calculate full-time employees (FTE) for the FTE-based reduction of he forgiveness amount
• How to apply the safe harbor for employees terminated before April, 26, 2020, but re-hired by June 30, 2020
• What is needed to submit a loan forgiveness application for it to be accepted as complete
• What documentation you need to keep even if not submitted with application

Upon submitting an application, you can expect a decision from your lender within 60 days.

If you have additional questions or need further assistance, please feel free to submit your request through the IMEC Illinois Manufacturing Helpline. Industry experts are on hand to provide individualized responses within one business day. Get in touch today!

In the meanwhile, register for the upcoming webinar with IMEC and Greensfelder:

Critical Information for Employers as Employees Return to Work Webinar
May 28 | 9:00am – 10:15am

Addressing key issues for employers as they prepare for employees to re-enter the workplace after pandemic-related closures or remote work.