Recent COVID-19 Updates

Updated on May 21, 2020 at 8:00 a.m.

There have been several COVID-19 related updates recently that we want to pass along.

Paycheck Protection Program
On May 13th, the SBA again updated its FAQs related to PPP loans which can be found here. This update provides several favorable clarifications. Treasury previously issued guidance stating all PPP loans of greater than $2 million will be subject to a full review by SBA prior to any forgiveness being granted.

Legislation has been introduced, but not passed, addressing the deductibility of expenses used to determine the forgiveness calculation of loans received under the PPP program (see our prior alert here). We are closely watching this and will update you as it develops.

Employee Retention Credit

Please check our website or consult with your MHCS adviser for the latest updates on this evolving matter.