Late Tuesday, the U.S. Department of Treasury issued a new FAQ for the Paycheck Protection Program. The FAQ (#43) extends the limited safe harbor window from May 7 to May 14, 2020, for borrowers to return funds that in retrospect they should not have received.
In addition, according to the FAQ, the Small Business Administration (SBA) is to provide additional guidance on how it will review the certification that the loan was “necessary” prior to May 14. We will issue another alert as soon as this guidance is released.
Click here to review the complete FAQ document, as of May 5, 2020.
We are here to assist you
We understand the additional stress and confusion this has caused for many organizations, during an already unprecedented and volatile time. Please know that we remain available to assist you in any way we can as you review and process this information.
Contact your AGH tax advisor or Shawn Sullivan using the information below.
NOTE: Any advice contained in this material is not intended or written to be tax advice, and cannot be relied upon as such, nor can it be used for the purpose of avoiding tax penalties that may be imposed by the IRS or states, or promoting, marketing or recommending to another party any transaction or matter addressed herein.
Executive Vice President
Shawn serves as one of two primary leaders in the firm’s large tax group. He has extensive public and private experience in the fields of tax and accounting and works frequently with clients in the manufacturing, wholesale/retail distribution, real estate development and management, construction, and contractor industries. In addition to enhancing business performance to minimize tax consequences, he has experience in mergers and acquisitions and international tax and business structuring.
A certified public accountant, Shawn is a member of the American Institute of Certified Public Accountants, the Kansas Society of Certified Public Accountants (KSCPA) and chairs the KSCPA Committee on Taxation.