June 3 Update: Senate Approves Paycheck Protection Program Flexibility Act of 2020; President Trump Expected to Sign.

On April 7, the SBA issued FAQs providing clarification on a number of issues, including exceptions to the 500 employee rule, borrower and lender responsibilities, affiliation rules, the $100,000 salary limitation, and how federal taxes do not affect the calculation. These FAQs are being updated regularly by the SBA.

Please also read our blog article on SBA Interim Rules and New PPP Application, as well as our March 31 post on the CARES Act Paycheck Protection Program.

Please contact an MCB Advisor if you need assistance in applying for a loan under this program.

We will continue to update you as we get more information on Coronavirus-related legislation and guidance that may impact you. Continue to check back here for the most up to date tax information and changes in response to Coronavirus. If you have more questions contact an MCB Advisor at 703-218-3600 or click here. 

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