Learn more about the Voluntary Disclosure Program. ...
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On March 31, 2020, the U.S. Department of Treasury (“Treasury”) published additional information on the application process for the Paycheck Protection Program (“PPP”) which is summarized below. More detailed information on the PPP can be found here: http://fgrb.trc-int.com/our-thoughts-on/paycheck-protection-program
View a copy of the application here: http://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf.
The CARES Act was unclear on employees making over $100,000. The Treasury has clarified that any employee making over $100,000 can be included, but their salaries, wages, commissions, or tips will be capped at $100,000 on an annualized basis.
Specific details on the loan forgiveness can be found here: http://fgrb.trc-int.com/our-thoughts-on/paycheck-protection-program
The loan amounts will be forgiven as long as:
The Treasury has added that, due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
The interest rate will be a 0.50% fixed rate with a two-year term (with no prepayment penalties or fees).
The applicant must certify a number of things including that the loan is necessary due to the economic uncertainty and funds will be used for the purposes listed above. A full list of the certifications are included on the application.
The Borrower and Lender fact sheets issued by the Treasury can be found here: http://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf and here: http://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf
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Learn more about the Voluntary Disclosure Program. ...
Learn more about the Voluntary Disclosure Program. ...
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