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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:
Tuesday, December 15, 2020
SBA and U.S. Treasury Issue Additional Guidance for Businesses Applying for Loan Forgiveness
For those who received loans as part of the Paycheck Protection Program (PPP), this past October and November marked the end of the 24-week covered period. Over the last several weeks, the Small Business Administration (SBA) along with the U.S. Treasury Department have issued additional guidance and clarification surrounding the forgiveness process and the forgiveness application.
This update is intended to highlight key guidance areas issued recently to help borrowers with their forgiveness applications. As with other aspects of the PPP, guidance on the forgiveness portion of the PPP is constantly evolving and additional information may become available.