COVID-19

COVID-19 Payment Protection Program Update 6.11.20

60/40 “cliff” rule addressed:  As we previously noted, the PPP Flexibility Act. changed the 75%/25% rule to a 60%/40% rule, allowing companies to realize a greater benefit from the non-payroll costs they incurred during their covered period.  However, the law…
Paul McQuade
June 11, 2020
COVID-19

COVID-19 Payment Protection Program Update 5.26.20

On April 3rd, Treasury released a PPP Borrower Information Fact Sheet that was meant to clarify key questions with respect to the application process.  In particular, this document reaffirmed the definition of “Payroll Costs” (Page 2) and clarified that Salaries…
Paul McQuade
May 26, 2020