SBA / Treasury FAQ – 33. Is there existing guidance to help PPP applicants and lenders determine whether an individual employee’s principal place of residence is in the United States?

Compliance > CARES Act
Q:  Is there existing guidance to help PPP applicants and lenders determine whether an individual employee’s principal place of residence is in the United States?
 
A:   PPP applicants and lenders may consider IRS regulations (26 CFR § 1.121-1(b)(2)) when determining whether an individual employee’s principal place of residence is in the United States.
 
 
This Q&A was based on information contained from the Treasury Department’s April 2020 issuance “Paycheck Protection Program Loans, Frequently Asked Questions,” which has been updated from time to time.  This CARES Act / SBA / PPP related issuance may be found here:  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
 

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