I heard new regulations keep coming out on the Paycheck Protection Program, is that true, and how do they change what percentage of my loan will be forgiven?
The effective date of the PPP was supposed to be April 1, 2020, now it is April 3, 2020, and new regulations come out, sometimes, several times a day. At Lubell Rosen we are on top of these changes, constantly figuring out how they can best benefit our clients. For example, in regulations just released, the amount of the PPP loan that is forgiven is what you spend in the first eight weeks after getting the loan on rent/mortgage interest, payroll, and utilities, but the payroll must make up 75% of the forgiven amount. This new calculation will require some thought before simply filling out the application so that the maximum benefit can be achieved. We realize that some businesses are using banks or CPAs to process their claims. However at Lubell Rosen, we are using our legal skills and ingenuity to maximize the benefit that each of our clients will obtain.