The text of the CARES Act refers to a covered rent / lease obligation as part of the forgiveness.
The Treasury Interim Final Rule defines this as: rent payments on leases dated before February 15, 2020
I have seen various articles say "rent, under lease agreements in force before February 15, 2020".
As is typical for small businesses with self rental situations, their lease agreements tend to not be formal. Paperwork is either nonexistent or not current. We need to be bringing this to the attention of our clients now. But what is the appropriate action?
Will a pre-2/15 handshake lease agreement that is formalized now qualify as a covered lease obligation?