Paycheck Protection Program Frequently Asked Questions Now Published
Recently the U.S. Department of the Treasury and the Small Business Administration (SBA) published an online FAQs on the Paycheck Protection Program (PPP), the $349 billion small business relief program that is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.
The FAQs provide clarity on issues raised by the AICPA and state societies including using the gross payroll approach for both loan application and forgiveness, what is included in the $100,000 salary limitation, the time period for calculating payroll costs for the maximum loan amount and more.
Download the PDF of the FAQs and review more helpful resources at TSCPA’s COVID-19 Information & Resources page.