After more than two months of being in lockdown due to the coronavirus, states across the country are slowly starting to reopen (see NYT's interactive map). With restrictions lifting, many businesses are itching to return to physical workspaces. But with federal, state, and local safety guidelines to contend with, resuming “business as usual” is just not possible (at least for the foreseeable future). 

On May 22nd the Small Business Administration (SBA), in conjunction with the Department of the Treasury, issued a new Interim Final Rule providing additional information for borrowers planning to apply for Paycheck Protection Program (PPP) loan forgiveness. Here are some highlights from this long-awaited guidance for borrowers. 

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020, is designed to provide quick and substantial relief to individuals and businesses affected by the economic shutdown in response to the spread of COVID-19. Several CARES Act provisions provide temporary tax relief for individuals and businesses, as well as enhanced tax incentives designed to encourage charitable giving.