UPDATE ON PPP LOAN FORGIVENESS

Hello Everyone!

We got some great news today, seems the Treasury Dept and the SBA have decided to give safe harbor to all loans under 2 million dollars: 

https://www.journalofaccountancy.com/news/2020/may/sba-safe-harbor-for-ppp-loans-under-2-million.html

"Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the U.S. Small Business Administration (SBA) on Wednesday."

This means there will be no submission required to prove you spent the funds correctly, unless your bank requires that. All indications are that if you got a PPP loan under 2 million dollars your loan is automatically forgiven. 

We'll know more about the tax implications of this money in the future and we will keep you updated as more information becomes available. 

Stay safe and healthy, 

-Katie and the REV ATX Team