Last Friday night, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) to govern the forgivability of Paycheck Protection Program (PPP) loans. The IFR provides that forgiveness is available for payroll costs, including bonuses and hazard pay, paid OR incurred during the Payroll Covered Period for employees up to the compensation ceiling of $100,000 per year. In addition, forgiveness of the loan amounts may also be available for salary and wages to furloughed employees during the Payroll Covered Period as well as compensation to ”owner-employees”, but that amount is capped at 8/52 of 2019 compensation or $15,385 (based on the $100,000 compensation ceiling). The IFR further provides clarification of a full-time equivalent (FTE) as one who works 40 hours or more on average, each week and authorizes it two methods for including part-time workers in the FTE count for purposes of loan forgiveness: first, the borrower may calculate the average number of hours a pt employee was paid per week and divide it by 40; or borrowers may elect to use the full-time equivalency of 0.5 for each part-time employee. During the CFA webinar on PPP forgiveness this week, presenting attorney Ron Gardner (Dady & Gardner, P.A.) strongly advised attendees to seek help from attorneys or accountants to complete the forgiveness form.