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ARTICLE · 12 AUGUST 2020

PPP Loan Forgiveness Guidance

Foley Hoag LLP
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On August 4, 2020, the U.S. Small Business Administration (SBA) issued New PPP Loan Forgiveness FAQs. These FAQs, together with previously released guidance and forgiveness...

United StatesEmployment and HR
Jennifer Audeh
Jennifer Audeh
Thomas Draper
Thomas Draper
Malcolm Henderson
Malcolm Henderson
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On August 4, 2020, the U.S. Small Business Administration (SBA) issued New PPP Loan Forgiveness FAQs.  These FAQs, together with previously released guidance and forgiveness applications and instructions, provide an outline for borrowers preparing to seek full or partial forgiveness of their Paycheck Protection Program (PPP) loans under the CARES Act (as modified by the Paycheck Protection Flexibility Act). Some key aspects of loan forgiveness eligibility and calculations are summarized below.

Calculating Forgivable Amount of Loan

Under the PPP, a loan may be forgiven if the borrower has used the loan proceeds for the specific uses permitted under the CARES Act. To determine how much of the loan is eligible for forgiveness, the borrower must analyze its expenditures of the PPP loan proceeds during the applicable covered period and the amount by which forgiveness may be reduced due to a reduction in headcount or a reduction of salaries and wages, as summarized

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