GettyJust last night, the SBA gave new weekend plans to those of us who advise borrowers and banks on how to plan for and understand the PPP loan forgiveness rules and process. The Interim Final Rules do not appear to prevent amending leases to provide for fair market value rental from the effective date of the amendment forward. The Interim Final Rules also define “full-time equivalent employee” to mean an employee who works 40 hours or more, on average, each week. The Interim Final Rules also confirm that employees who were hired in 2020 will be included in the reduction calculation . Lenders are required to do the following:(i) Confirm receipt of borrower’s certifications contained in the Loan Forgiveness Application Form.

Source: Forbes May 23, 2020 21:56 UTC