On Friday, May 23, 2020, the Small Business Administration (SBA) released two long-awaited Interim Final Rules (IFR) regarding forgiveness of Paycheck Protection Program (PPP) loans. As with previous PPP IFRs from the SBA, the two new IFRs are primarily in question and answer format.
The first IFR provides additional clarification regarding the requirements and instructions for properly completing the PPP Loan Forgiveness Application.
The second IFR describes the SBA’s procedures for reviewing PPP loan applications and PPP loan forgiveness applications. It additionally addresses borrower and lender responsibilities for responding to the SBA’s review of their PPP loan application and PPP loan forgiveness application.
To read the full IFR on Loan Forgiveness, click here. And to read the full IFR on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, click here.