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PPP Loan Information of Interest to Solos, Small Firms and Clients - Solo Small Firm Practice News

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Solo Small Firm Practice News

Posted on: Jul 29, 2020

Intro by John Mervilde, Meils Thompson Dietz & Berish

The rules for application for and forgiveness of loans from the Paycheck Protection Program have been a moving target, but the government appears to be simplifying the process. This article in Forbes notes that certain small business will be eligible to complete a short "Form EZ" if they: 1) “Are self-employed and have no employees; OR” “Did not reduce the salaries or wages of their employees by more than 25 percent, and did not reduce the number or hours of their employees; OR” “Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25 percent.”

Undoubtedly, the devil is in the details, but solo/small firm practitioners should explore whether they or their clients might take advantage of this streamlining.

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