If your municipality hosts seasonal businesses, you might want to share this information with them.
The U. S. Department of the Treasury has issued final interim rules, effective immediately, designed to allow seasonal businesses to apply for forgivable loans, through the Payroll Protection Program (PPP).
Specifically, provisions in the enabling legislation permit employers to calculate their maximum loan amount by using their monthly average payments for payroll during “the 12-week period beginning February 15, 2019, or at the election of the eligible [borrower], March 1, 2019, and ending June 30, 2019.”
Recognizing the disparate impact of that time-frame on seasonal employers, Treasury is exercising its administrative discretion by providing a seasonal employer the option of using any consecutive 12-week period between May 1, 2019 and September 15, 2019 for determining its maximum loan amount.
This interim final rule provides an alternative criterion for calculating the maximum loan amount for PPP loans issued to seasonal employers. Seasonal employers need timely additional guidance concerning the maximum loan available under the interim final rule, as the last day to apply for and receive a loan is June 30, 2020. The immediate effective date of this interim final rule will benefit seasonal employers by providing a full understanding of loan terms and conditions.
