As the saying goes – the devil is in the details. As the CARES Act has provided an array of incentives and loan programs for small businesses, there are many questions surrounding the utilization of these funds and the forgiveness of funds under certain circumstances. Additional guidance from The Treasury Department, The Small Business Administration, The Department of Defense, and others are being issued on a regular basis. Once Government Contractors receive their PPP funds, there are additional questions to be considered.
SC&H Group hosted a webinar Tuesday, April 28th to explore the PPP definitions, its unique feature for non-taxable loan forgiveness, and guidance that was available (as of April 28th) to suggest how best to apply them to government contractors.
We continue to keep a close eye on additional guidance to be released for Section 3610 and are producing resources to support updates in our COVID-19 Resource Center.
