Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #9 | Schwabe, Williamson & Wyatt PC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
About the Interim Final Rule - On January 19, 2021, the Small Business Administration (SBA) published new Loan Forgiveness Requirements and Loan Review Procedures pursuan.
Borrowers under the Small Business Administration’s (the “
SBA”) Paycheck Protection Program (“
PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for and their use of PPP loan proceeds. In addition, certain documentation is required for an appeal.
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. On January 6, 2021, the SBA in consultation with the Department of Treasury (“
Treasury”) released two interim final rules:
(a) Interim Final Rule called Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act (“
Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as other forgiveness procedures as updated by the.
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