New guidance on the Payroll Protection Program
New guidance is coming daily from the federal government on how the Payroll Protection Program is supposed to work. One new wrinkle is Treasury Department’s decision that the borrowers have to begin spending the loan money within 10 days of receipt of the funds.
The Small Business Administration is issuing new rules and guidance, as well. Please take a look at this revised FAQ: https://www.nna.org/payroll-protection-program-faqs
NNA is seeking comment on how well and consistently this program is working. If you have thoughts that we should share with SBA, please email Tonda Rush, email@example.com. NNA is already aware of some concerns, such as the treatment of independent contractors, the calculation of payroll costs and the required start date for expenditures.