On April 8th 2020 the SBA issued new guidance for Paycheck Protection Program loans, in the form of 20 Questions and Answers, which you can link here:
Many of the questions and answers will be helpful to review, such as:
#1 Documentation to establish payroll costs
#7 How to apply the $100,000 cap on wages
#9 What to do with seasonal businesses
#11 Who needs to sign the application
#15 What to do if you’re a sole proprietor
#17 What to do if you’ve already filed an application
The answer to the last question is that you need do nothing, but may if you wish supplement your application.
As many of you are in the process of applying for these loans, we wanted to get this information out ASAP.
AWD LAW is here to answer your questions. This summary is intended to serve as general information for interested persons, but it is not legal advice for any specific situation. AWD LAW attorneys are available to answer fact-specific questions for our clients. Our number is (928) 774-1478.