PPP Forgivable Loan Program: An Update from the SBA

April 3, 2020 Alerts and Newsletters

The SBA has published an interim final rule that describes the Paycheck Protection Program. This includes a useful explanation of various elements of the Program. The rule can be found online: https://home.treasury.gov/system/files/136/PPP--IFRN FINAL.pdf. Starting at page 8 are several examples of how to calculate average monthly payroll – a key number that (when multiplied by 2.5) is a dollar amount that can be borrowed under the Program.

As noted in the rule, if your business received a recent Economic Injury Disaster Loan (EIDL) from Treasury, you can add that amount to your payroll-derived total.

Firm Highlights

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Allagash becomes Maine’s First Benefit Corporation

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2021 JD Supra Readers' Choice Awards

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Using Legal Project Management in Merger and Acquisition and Joint Venture Transactions, Third Edition

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Verrill Attorney Gregory Fryer Recognized as Top Author in JD Supra 2021 Readers Choice Awards

(April 8, 2021) – Verrill attorney Gregory Fryer was recognized as a top author for finance and banking in JD Supra’s 2021 Readers Choice Awards . The top ten authors were selected for each...

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