On May 15, 2020 the Treasury Department and the Small Business Administration (SBA) released an 11-page forgiveness application addressing some of the concerns expressed by small-business owners who have borrowed money under the federal Paycheck Protection Program (PPP). In an interview with CNBC, Samantha Monsees explained that Treasury and the SBA are giving some businesses a little more flexibility with an “alternative payroll covered period.” Samantha pointed out that it would be very rare for a company’s payroll to align with the PPP’s eight-week spending window, and the new guidance has addressed that by allowing business owners to start the “eight-week clock” on the first day of the first pay period after receiving the loan proceeds.
To read the article, visit CNBC.
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