PPP Loan Forgiveness Application and Guidance

The National Propane Gas Association (NPGA) recently reported on the U.S. Department of the Treasury and Small Business Administration’s (SBA) release of the Paycheck Protection Program (PPP) loan forgiveness application and clarifying guidance on the process. The application and guidance include measures to reduce compliance burdens for borrowers, which include:

• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.

• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan.

• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.

• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30.

• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.

SBA is expected to release further regulations to assist borrowers as they complete their applications.

For guidance on PPP loan forgiveness visit https://www.uschamber.com/sites/default/files/uscc_ppp_forgiveness-guide.pdf

To access the application and guidance click here.

SOURCE: The Weekly Propane Newsletter, June 4, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.