PPP Loan Forgiveness Application: Answers to Frequently Asked Questions
Also Available: MAC’s Guide to Additional Economic Resources for Business Owners Available During the COVID-19 Pandemic

Last Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The MAC has analyzed the application and developed a Frequently Asked Questions document answering the questions we have been getting the most. These questions include:

• What Costs Are Eligible for Forgiveness?
• What is Excluded from Eligible Costs?
• Is the Requirement That at Least 75% of the PPP Loan Be Used on Salaries Still in Effect?
• Under the PPP, what is a “Full-Time Equivalency” (FTE) Employee?
• How Does FTE Count Affect Forgiveness?
• What Are the Applicable “Safe Harbors?”
• What Kind of Documentation Will Be Needed?

The PPP Loan Forgiveness Application is available in the Virtual Toolkit section of the MAC’s COVID-19 Resources page under “PPP Loan Forgiveness Application FAQs.”

Additional Economic Resources Available During the Coronavirus Pandemic
Since the current health care and economic crisis began, we have been telling you about resources such as the Small Business Administration’s Paycheck Protection Program, Economic Disaster Impact Grant and Loan, etc. But, what about employers who did not get (or did not try for) one of these loans? What’s available for them?

The MAC has created a document outlining some of these programs, including:

• The State of Michigan’s Work Share Program
• The Employee Retention Tax Credit
• Employer Payroll Tax Deferral
• Business Interest Deductions
• The Research and Development (R&D) Tax Credit
• Business Interruption Insurance Claims
• The Michigan Entrepreneur Resilience Fund

This document is available in the Virtual Toolkit section of the MAC’s COVID-19 Resources page under “Work Share and Other Potential Employer Benefits (NEW).”

Disclaimer: The Michigan Association of Chiropractors is a professional association advocating for the rights of chiropractors and their patients across the state of Michigan. We are NOT a state agency or regulatory body. We are merely informing our membership regarding what they are allowed to do during this difficult and confusing time.

The information we provide during this pandemic is derived in conjunction with our governmental relations and legal experts, developed after examination of all official releases of information from the State of Michigan and in consultation with said experts and representatives from state government. Please refer to our emails and website for the latest information, free from speculation and the rumors currently circulating in the wake of official state actions.

Rest assured that we will continue to advocate for the profession at the highest levels, with the health and well-being of you and your patients, as well as the overall stability of the health care system, foremost in our efforts.