Speaking of the Paycheck Protection Program, in conjunction with the Department of the Treasury, the Small Business Administration (SBA) this week released an updated Frequently Asked Questions (FAQ) guidance for businesses seeking forgiveness of their PPP loans. The FAQ provides plain language direction regarding such items as: payment requirements where a borrower submits a loan forgiveness application in a timely manner, the inclusion of payroll costs incurred or paid during the “covered period” or the “alternative payroll covered period”, whether borrowers are required to calculate payroll costs for partial pay periods, calculating cash compensation using gross or net amounts, and what constitutes costs for “distribution of . . . transportation”, and the like. There will likely be further updates to this latest FAQ as more issues and questions arise when borrowers submit their applications for loan forgiveness. We will keep you posted as more information becomes available.