Over the last week the Small Business Administration and Treasury have made several additions to “Frequently Asked Questions” to the small business relief programs that may be of interest to you. They are:
- The Paycheck Protection Program: These FAQs were updated yesterday and now include more than 40 questions and answers for the PPP program. The latest FAQs includes answers to questions that many of you have asked, including (question #40) guidance on the forgiveness of the loan if you are unable to bring back and employee despite a good faith effort; and (question #43) further clarification on the need for demonstrating a lack of access to liquidity for participation in the program. On the latter issue, the SBA has clarified that the date to return funds has been extended to May 14th and they will soon be issuing further guidance on the steps a borrower needs to take to remain in compliance with the program in order to qualify for loan forgiveness.
- Employee Retention Credit: The IRS has developed informative FAQs for the Employee Retention Credit that should answer some of the questions some of you have expressed about eligibility for the program.
The other resource that may be helpful to you is this link to a statement Workforce West Virginia issued discussing different situations impacting the eligibility of individuals for unemployment insurance.