On April 24, the Small Business Administration (“SBA”) and Department of the Treasury published a Q&A outlining how businesses of varying structures can calculate their payroll costs to determine the value of loans they are eligible to receive through the Paycheck Protection Program (“PPP”).
Notably, the guidance suggests that the U.S. government “will not challenge lender PPP actions that conform to this guidance, and to the PPP Interim Final Rules and any subsequent rulemaking.”
The Q&A details maximum PPP loan value calculation methodologies for:
- Self-employed individuals (including those with and without employees);
- S and C Corporations;
- Nonprofit organizations;
- Religious institutions; and
To read the full Q&A, click here. If you have any questions about your eligibility for PPP loans or how to apply for one, contact a Friedman advisor.