This information is current as of 5/26.
Friday evening the SBA released a new Interim Final Rule regarding the Paycheck Protection Program (PPP). There still remains a lot to be clarified, but among other things it did clarify that bonuses paid to employees count towards forgiveness compensation calculations as long as it meets other stipulations required for full forgiveness (i.e. < $100K in annualized pay, etc).
We are getting lots of questions about forgiveness as many businesses approach the end of their 8 week forgiveness period. You should really proactively plan during your 8 week period.
After you’ve reached the end of your 8 week period, if you are confident you will receive full forgiveness then you may want to consider proceeding to submit your forgiveness application. If not, you may want to wait and see if any potential legislative changes could favorable impact your situation (such as extending 8 weeks to a longer period). In general, there is no need to rush to submit your forgiveness application.
Bankers will clearly prioritize forgiveness applications that are clean and well organized. This is one area that you don’t want to skimp on professional services.