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Posted On: June 19, 2020

Update To SBA Loan Forgiveness

Posted On: May 26, 2020

Governmental & Legislative Update--The Latest Developments

Posted On: May 21, 2020

Legislative & Regulatory Update--The Latest Developments

Update To SBA Loan Forgiveness

All NYSMWA members,

The form and instructions for applying for SBA loan forgiveness have been updated.  Here are some of the highlights:

Loan Forgiveness

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:

  •  Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
    •    Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan
    •    Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
    •    Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
    •    Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Click here to download the Paycheck Protection Program Loan Forgiveness Application (06-16-2020) (Spanish version)

Click here to download instructions for the Paycheck Protection Program Loan Forgiveness Application (06-16-2020)

 

Click here to download the Paycheck Protection Program EZ Loan Forgiveness Application (06-16-2020)

Click here to download instructions for the Paycheck Protection Program EZ Loan Forgiveness Application

 

Also, I wanted to remind you that all companies currently conducting business, whether originally deemed essential, or just now reopening, are required to have a Reopening Safety Plan on hand.  This plan does not need to be submitted, only made available for the state to inspect, upon request.  Attached is the most recent version of the template provided by NYS.  The attached template is designed specifically for “essential” businesses.  You can find more information about reopening here:  https://www.businessexpress.ny.gov/app/nyforward

As of right now, there are no additional reopening safety guidelines specific to the moving and storage industry.  As such, the affirmation requirement is not necessary.  Again, this is as of today, and subject to change.  We will keep you posted.

Stay safe everyone!