CARES Act Regulations on Loan Forgiveness Due On or About April 27th
There is a lot of information and misinformation on social media and other outlets regarding loan forgiveness within the CARES Act. There still are many questions that need answers.
The President signed H.R.748, The CARES Act, on March 27th. As stated in §1106 Loan Forgiveness, Item (k) Regulations.—Not later than 30 days after the date of enactment of this Act, the Administrator shall issue guidance and regulations implementing this section.
We are expecting to see the Regulations on or about April 27th. Please understand we want you to have the most accurate and current information available before making decisions regarding loan forgiveness procedures.
Second Round of Funding
Earlier today, news of an agreement to approve additional funding for the Paycheck Protection Program was announced.
If you have not submitted a loan application, we recommend that you prepare to file immediately. It is anticipated that funding will go quickly. Keep in mind that you will also need to provide all necessary information and documentation required by your lender.
As always, if you need assistance or guidance, we are here to help.
DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
