The purpose of this guidance is to assist small businesses in calculating their revenue reduction and payroll costs, and provides insight into what documents will be required to support each set of calculations. Revenue reduction and payroll costs are key to determining whether a person or entity is eligible for a PPP-2 Loan, and amount of the loan.
This document is the SBA’s interpretation of the CARES act, the Economic Aid Act, and the Paycheck Protection Program Interim Final Rules. The U.S. Government will not challenge any actions taken by PPP lenders, should they conform to this guidance, the PPP Interim Final Rules, and any subsequent rulemaking in effect at the time the action is taken.
The Q and A can be found here.
PPP-2 is now open to all lenders and qualified borrowers.
If you want to know if you are eligible for a PPP-2 loan or have any other questions, your DDK Tax Advisor and the DDK PPP Team are here to assist you with further guidance.
