Paycheck Protection Program (PPP), Loan Forgiveness + Employee Retention Credit
The Paycheck Protection Program was designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Restaurants who received Paycheck Protection Program (PPP) loans under $50,000 can now access a new forgiveness application
- SBA Rules on PPP Forgiveness under $50,000
- PPP Loan Forgiveness Form 3508S Insturctions
- Form 3508S - PPP Loan Foregivness Application (Fillable)
U.S. Chamber of Commerce - How to Get your PPP Loan Forgiven
Small Business Administration - PPP Frequently Asked Questions
Other assistance options
Employee Retention Credit (Form 7200)
If you did not receive PPP, you may be able to take advantage of the Employee Retention Credit as part of the CARES Act.
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
Deferment of Employment Taxes through December 31, 2020
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes, as well as coordination with the credits for paid leave under sections 7001 and 7003 of the Families First Coronavirus Response Act (FFCRA) and the employee retention credit under section 2301 of the CARES Act. These FAQs will continue to be updated to address additional questions as appropriate.
PPP 2.0: How to Maximize Loans and Meet the New Forgiveness Guidelines
Bennett Thrasher + Georgia Restaurant Association
Friday, June 12, 2020
PPP Forgiveness Updates
Georgia Restaurant Association + Moore Colson
Friday, May 29, 2020
PPP Loan Forgiveness: A Step-By-Step Explainer with Q&A
U.S. Chamber of Commerce
Friday, May 29, 2020
Restaurant Rebound Series: The Meat and Potatoes of PPP and Forgiveness
University of Georgia Small Business Development Center + Restaurant Informer + Georgia Restaurant Association
Tuesday, May 19, 2020
How to Best Prepare for PPP Loan Forgiveness
Monday, May 18, 2020
Paycheck Protection Program (PPP) Loan + Forgiveness Updates
Georgia Restaurant Association + Aprio, LLP
Thursday, May 14, 2020