SBA / Treasury FAQ on Loan Forgiveness / Reductions – 2. If a seasonal employer elects to use a 12-week period … what period in 2019 should be used… for calculating any reductions in the loan forgiveness amount?

Compliance > CARES Act
Q:   If a seasonal employer elects to use a 12-week period between May 1, 2019 and September 15, 2019 to calculate its maximum PPP loan amount, what period in 2019 should be used as the reference period for calculating any reductions in the loan forgiveness amount?
 
A:   A seasonal employer that elects to use a 12-week period between May 1, 2019 and September 15, 2019 to calculate its maximum PPP loan amount must use the same 12-week period as the reference period for calculation of any reduction in the amount of loan forgiveness.
 
 
This Q&A was based on information contained in the Treasury Department’s October 13, 2020, version of “Paycheck Protection Program Loans, Frequently Asked Questions on PPP Loan Forgiveness,” which may be updated from time to time.  This CARES Act / SBA / PPP Loan Forgiveness-related issuance may be found here:  https://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-FAQs.pdf
 

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