Corporate E-Note - June 2020

PPP Borrowers Can Apply for Forgiveness Early -

In a recent interim final rule, the Small Business Administration ("SBA") clarified that borrowers of paycheck protection program ("PPP") loans could apply for loan forgiveness prior to the end of a borrower's covered period if the borrower had already used all the PPP loan proceeds. Generally, a borrower's covered period is either 8 weeks, if the borrower obtained the PPP loan prior to June 5, 2020 and chooses not to use the longer 24-week period, or 24 weeks, in the case of any other borrowers, from the date of loan disbursement.

Please see full E-Note below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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