SBA AND TREASURY GUIDANCE ON PPP
The Small Business Administration (SBA) and the Department of Treasury continue to release information and guidance on the COVID-19-related business loan programs because of their size, unique forgiveness properties and speed with which they were drafted.
The link below addresses details and methodologies to be used for calculating maximum loan amounts if the borrower is a partnership, a C or a S corporation.
Partnership, a C or a S Corporation Calculating PPP Maximum Loan
The link provided below is yet another updated question and answer document that covers diverse questions such, as if an application needs to be changed because it was based on an earlier PPP rule and there has been updated guidance (Answer: No) and are federal taxes part of the PPP loans payroll costs (Answer: employer paid federal payroll taxes are excluded). The issues are obviously technical and the FAQs provide examples to assist in answering concerns.
Additional FAQs You Need to Know
Essential Business Employer Liability
On the issue of essential business employer liability for alleged inflection in the workplace, the Illinois Worker’s Compensation Commission will withdraw a previous emergency rule that would have “…created a presumption that the workplace was the cause of a COVID-19 infection.” The action was in response to a lawsuit brought by two dozen business organizations and under a temporary restraining order a Judge ruled that the Commission “exceeded its rulemaking authority.” Close to 20 other states have passed similar presumptive measures but they are limited solely to the health care workforce and first responders. The issue is being closely monitored.