June 5, 2020
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ATTENTION:
The June 30, 2020 application deadline for
PPP loans did not change with this Act.
June 4, 2020
On May 15, 2020, the Small Business Administration (“SBA”) issued the Paycheck Protection Program ("PPP") Loan Forgiveness Application ("Application"). Although the Application is a helpful step in understanding the forgiveness process, the SBA and Department of Treasury continue to provide guidance and updates.
Click here for recent clarifications
Click here to download full FAQs
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
Check back frequently as new guidance is released often.
In light of the CARES Act provider relief funds that are being administered through HHS, the Centers for Medicare and Medicaid Services has announced it is reevaluating its Accelerated Payment Program and is suspending the Advance Payment Program to Part B suppliers.
On April 21, 2020, the Senate passed the “Phase 3.5” coronavirus stimulus package that includes new funding for small business programs, hospitals, healthcare providers, and wide-spread virus testing.
The new package will include $310 billion for the PPP, which offers forgivable loans to small businesses struggling to make payroll.
$60 billion will be allocated to SBA’s small business disaster aid program:
Also included in the package is $75 billion for hospitals and healthcare providers under the Public Health Social Services Emergency Fund:
$25 billion will be allocated generally to both state and federal authorities for widespread coronavirus testing:
HHS has extended the deadline for healthcare providers to attest to receipt of payments from the Provider Relief Fund and accept the Terms and Conditions. Providers will now have 45 days, increased from 30 days, from the date they receive a payment to attest and accept the Terms and Conditions or return the funds.
HHS plans to make publicly available the names of payment recipients and the amounts received, for all providers who attest to receipt of a payment and acceptance of the Terms and Conditions. You should only attest if you believe the payment you received is consistent with your estimated allocation.
To calculate your estimated total allocation, divide your "Gross Receipts or Sales" or "Program Service Revenue" by 2.5 trillion and then multiply by 50 billion. ((Gross Receipts or Sales) / 2,500,000,000,000) * 50,000,000,000 Calculator
To estimate the amount likely to be received via this portal application, subtract the amount of payments already received from your total estimated total allocation above.
Please do not attest if the payments you have received already exceed your estimated total allocation. Contact the CARES Provider Relief hotline at (866) 569-3522 if you believe that you have received an overpayment.
Paycheck Protection Program (PPP) Report: Second Round Approvals from 4/27/2020 – 5/1/2020
See details of how the second round of PPP distributions were made.
Release date: March 19, 2020
Release Number: FACT SHEET
Consistent with the President’s national emergency declaration for the coronavirus (COVID-19) pandemic on March 13, 2020, FEMA urges officials to, without delay, take appropriate actions that are necessary to protect public health and safety pursuant to public health guidance and conditions and capabilities in their jurisdictions. FEMA provides the following guidance on the types of emergency protective measures that may be eligible under FEMA’s Public Assistance Program in accordance with the COVID-19 Emergency Declaration in order to ensure that resource constraints do not inhibit efforts to respond to this unprecedented disaster.
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