UPDATE Regarding the COVID-19 Paycheck Protection Program

On the afternoon of April 2, 2020, the Department of Treasury issued an Interim Final Rule regarding the Paycheck Protection Program (“PPP”). On the April 6, the Small Business Association issued a list of frequently asked questions (“FAQs”). The Interim Final Rule and the FAQs’ clarified the following terms of the PPP:
PPP Loan Eligibility:

                              or

                                or
                  and
                  and
    • You either had employees for whom you paid salaries and payroll taxes or you paid independent contractors, as  reported on a Form 1099-MISC, prior to February 15, 2020.
Determination of PPP Loan Amount:
PPP Loan Terms:
PPP Loan Application:
PPP Loan Forgiveness:
Use of PPP Loans:
There is a lot of information for you to consider. We are available to answer your questions and to assist you in any way we can. Please give us a call at (504) 831-4091 or e-mail us.
Best regards and stay safe!
Blue Williams, LLP

 

Danté V. Maraldo
dmaraldo@bluewilliams.com

 

Gregory S. LaCour
glacour@bluewilliams.com

 

Craig R. Watson
cwatson@bluewillians.com

 

Nicholas P. Arnold
narnold@bluewilliams.com

 

Christopher M. Hatcher
chatcher@bluewilliams.com

 

April L. Watson
awatson@bluewilliams.com