Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval.
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With recent updates to the Paycheck Protection Program (“
PPP”) due to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act” or “
PPP2 Act”), new forgiveness application forms, and the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (“
2021 Forgiveness IFR”), borrowers may have new PPP-related questions, and are encouraged to view articles from our recent four-part series,
After the Economic Aid Act: An Updated Guide to the PPP Loan Forgiveness Review and Appeals Process:
Initial Takeaways and Agency Guidance for the Latest PPP Updates
Grounds for SBA Review, the SBA Loan Review Process, and Borrower Items
On January 19, 2021, the Small Business Administration (the “
SBA”) in consultation with the Department of Treasury (“
Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (“
2021 Forgiveness IFR”). The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act” or “
PPP2 Act”) was enacted on December 27, 2020.
The forms and 2021 Forgiveness IFR are effective immediately, and the rules in the 2021 Forgiveness IFR apply to loans that were made in 2020 but for which the SBA had not yet remitted forgiveness to the lender.
To explore this new information, we created
To embed, copy and paste the code into your website or blog:
There are a few things to keep in mind in regard to the Small Business Administration (the “
SBA”) and the Paycheck Protection Program (“
PPP”) loan forgiveness review process.
Adding on to the initial PPP funding, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act” or “
PPP2 Act”) was followed by new forgiveness application forms and the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (“
2021 Forgiveness IFR”), which may create new questions.
To explore the latest information, we created a four-part series that may offer some clarity around the new updates: