SBA Paycheck Protection Program Loans: Forgiveness Guidance, Part II

Highlights

• The U.S. Small Business Administration (SBA) has released additional Paycheck Protection Program (PPP) guidance in the form of the PPP Loan Forgiveness Application, which includes some key definitions and instructions for loan forgiveness.
• PPP loan borrowers should immediately organize documentation and implement procedures in accordance with the Loan Forgiveness Application. In addition, loan recipients should continue to become familiar with the new interim final rules (IFRs) and frequently asked questions, especially concerning forgiveness, as released.
• This Holland & Knight alert outlines the SBA Loan Forgiveness Application process and points out further questions that the SBA may consider and potentially address through additional guidance or FAQs.