As eyecare providers continue to grapple with managing their businesses and practices in an uncertain marketplace, navigating the Paycheck Protection Program loan forgiveness process is of the utmost importance, and one that can be complex and overwhelming. 

The U.S. Department of the Treasury has released a helpful frequently asked questions document which provides detailed information from the Small Business Administration (SBA) on questions related to payroll costs, nonpayroll costs, reductions and economic injury disaster loans (EIDL). The document addresses borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). The document also provides information on renewed leases and refinanced mortgage loans, how owner compensation is determined, calculating reductions and more.

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