TGG: Important Updates to the SBA Paycheck Protection Loan Program as of April 3, 2020

The SBA Paycheck Protection Loan Program has changed as of today, Friday, April 3, 2020.

Matt Garrett reviews the eligibility requirements, loan terms and fund allocations required for businesses who receive these PPP loans.

Businesses who receive a loan in, for example, the amount of $100K would necessarily have to allocate $75K to payroll costs. If they do not use the full amount, those businesses should immediately give back the difference between how much they use and that 75% portion of the total amount borrowed. in the case of the $100K loan, businesses can then allocate the remaining $25K (or 25% of the loan amount) to occupancy costs. If the business does not use all of that amount the remainder becomes an unforgiven loan and must be repaid within 2 years at 1% with an automatic 6 month payment deferral.

The TGG organizer for the SBA-PPP loan can be found here: https://tgg-accounting.com/qualify/ or email our team at info@tgg-accounting.com

Monthly Accounting Insights

Right in your inbox

SAN DIEGO

6162 Nancy Ridge Drive
Suite 100
San Diego, CA 92121
760-388-0993

info@tgg-accounting.com

IRVINE

17872 Gillette Avenue
Suite 315
Irvine, CA 92614
949.356.6157

DENVER

383 Corona Street
Suite 103
Denver, CO 80218
720.370.3294

© Copyright – TGG Accounting | TGG Accounting is not certified by the California Board of Accountancy to perform public accounting. Therefore, we do not provide tax return preparation, audits or CPA reviewed or compiled statements.

CONNECT WITH US