On Aug. 4, SBA released a set of answers to frequently-asked questions concerning the PPP forgiveness process.
Now that the covered period is 24 weeks, most borrowers with ongoing operations are not concerned about hitting their maximum forgiveness. But there are still potential reductions to forgiveness based on a borrower’s employee headcount.
The more pertinent issue in Washington is whether the HEALS Act will be adopted in some form. Senate Majority Leader Mitch McConnell announced that the upper chamber will remain in session to negotiate a Covid 6.0 bill next week. This may include a second round of PPP money for employers who have experienced a significant reduction in revenue due to COVID-19.