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Washington, D.C. — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, issued the following statement after the U.S. Small Business Administration (SBA) and U.S. Department of the Treasury provided additional guidance related to loan forgiveness reductions if Paycheck Protection Program (PPP) borrowers are unable to successfully rehire their workers. Last month, Rubio called for clarity from the administration on the re-hire exemption.
“It is a welcome relief to numerous PPP borrowers that they will not be penalized if they cannot rehire their workers after making a documented good faith effort,” said Chairman Rubio. “This is a step in the right direction and must be followed up with comprehensive loan forgiveness guidance in order to ensure business owners not only have the rules of the road when applying for forgiveness, but are not penalized for good faith decisions made absent this guidance earlier in the process.”
Question 40 in the frequently asked questions (FAQ) document states that if PPP borrowers are unable to successfully rehire their workers, they will be exempt from certain reductions to their loan forgiveness. It also notes employees may be ineligible to continue to receive unemployment benefits if their employer has received PPP funds for their salary or wages. The agencies stated an interim final rule on the subject is forthcoming.
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