One of the programs instituted by the federal government in response to the outbreak of COVID-19 aimed at helping small businesses recover from the economic impact of the ongoing pandemic is the Paycheck Protection Program (“PPP”).
Updates include FAQs 77-79, which deal with the threshold for applying owner-employee rules and whether certain non-payroll costs are eligible for loan forgiveness.
FAQ #77: Are any individuals exempt from the owner-employee compensation rules when applying for loan forgiveness?
FAQ #78: Can a borrower include amounts attributable to the business operation of a tenant or sub-tenant of the borrower in its non-payroll costs?
FAQ #79: Are rent payments to a related entity eligible for loan forgiveness?
Download the updated SMACNA Paycheck Protection Program FAQS 8-26-2020 (as of 8/26/20).