PPP Update: Loan Forgiveness FAQs

The Small Business Administration (SBA), in consultation with the Department of the Treasury (Treasury), recently released guidance with regard to the forgiveness of Paycheck Protection Program (PPP) loans in the form of frequently asked questions (the Forgiveness FAQs). The Forgiveness FAQs are divided into five sections, each of which are briefly outlined below. Although many of the questions addressed in the Forgiveness FAQs were touched upon, or addressed in their entirety, in previously released guidance, there are some new clarifications and helpful examples for how borrowers should calculate their PPP loan forgiveness amount.

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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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