On May 22, 2020, the SBA released an update on the Final Interim rule with additional changes, with some limitations on the owner compensation to around $15,400 or 8/52 of the 2019 compensation as well as changes to other items.
SBA final Interim – https://www.sba.gov/sites/default/files/2020-05/IFR%20Forgivenss%20FINAL.pdf
Forbes article – https://www.forbes.com/sites/alangassman/2020/05/23/may-22-ppp-final-interim-rules-provide-further-guidance-and-some-surprises/#7c60df343f12
Note that this week, there might be a vote to extend the PPP period from 8 weeks to 24 weeks and allowing additional expenses to be counted for forgiveness.
Bloomberg article – https://www.bloomberg.com/news/articles/2020-05-21/senators-to-press-forward-with-small-business-loan-extension
We keep updating our clients, stakeholders and readers but we highly encourage to discuss with your CPA, EA, tax professional, lawyer and/or banker.
