SBA Issues PPP Loan Forgiveness Guidance
May 28, 2020
In prior alerts, we reported on the Paycheck Protection Program (PPP) established by the CARES Act. The Small Business Administration (SBA) has now issued much awaited PPP loan forgiveness regulations, as well as regulations on SBA review of PPP loans. These regulations, along with the PPP loan forgiveness application, which includes details on calculating and documenting the requested loan forgiveness amount, clarify key points on the following topics:
- Payroll Costs
- Nonpayroll Costs
- Reductions in Loan Forgiveness
- Loan Forgiveness Process
- SBA Review of Loans