Tax Law Insights

On May 15, 2020 the Small Business Administration (SBA) released a Paycheck Protection Program Loan Forgiveness Application with related instructions.  The application and instructions help answer some of the questions surrounding a business’s eligibility for forgiveness (see our prior blog for an overview of forgiveness issues).  A detailed overview of the application and instructions is available here.  Some of the key issues addressed in the application and instructions include:

• The 8 week covered period during which qualifying expenses are measured begins on the date a ...