The Small Business Administration has released updated guidance on the Paycheck Protection Program loans. Among the new guidelines, the SBA says that the loan forgiveness amount will not be reduced if an employer offers to rehire an employee but the employee refuses.
The guidance states, “The interim final rule will specify that, to qualify for this exception, the borrower must have made a good faith, written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation.”
The updated guidance also clarifies the types of businesses that are eligible for the PPP loans and what payroll costs may entail. Full Guidance
Related: Possible Fraud Discovered in Small Business Loan Lending Program; Additional Small Business Funds Available.
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