Tonkon Torp partners Jeffrey Cronn and Drea Schmidt will review the new guidance released by the SBA last Friday on PPP loan forgiveness.
Updates to be discussed include answers to several long-awaited borrower questions:
• Is there any flexibility to the eight-week covered period?
• Do expenses need to be incurred and paid within the eight-week period to be forgiven?
• What constitutes a full-time equivalency (FTE) employee?
• How are loan forgiveness reductions calculated and how do exemptions from reduction work?