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ARTICLE · 01 JUNE 2020

Latest Guidance On Paycheck Protection Program Loan Forgiveness

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The Small Business Administration (the SBA) recently provided additional guidance related to the forgiveness of loans under the Paycheck Protection Program (PPP).

United StatesEmployment and HR
Justin Pollak
Justin Pollak
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The Small Business Administration (the SBA) recently provided additional guidance related to the forgiveness of loans under the Paycheck Protection Program (PPP). On May 15, 2020, the SBA released the PPP Loan Forgiveness Application (the Application) for borrowers to submit to their respective lenders in order to request forgiveness of all or part of their PPP loans, and on May 22, 2020, the SBA posted two Interim Final Rules, one of which relates to the loan forgiveness calculations (the Forgiveness IFR) and the other regarding SBA loan review procedures (the Review IFR).

The Application, the Forgiveness IFR and the Review IFR clarified which payments are eligible for forgiveness, how reduction to forgiveness works and certain aspects of the loan forgiveness process.

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