On August 24, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury (Treasury), released guidance with regard to the forgiveness of Paycheck Protection Program (PPP) loans in the form of a new Interim Final Rule (IFR). The IFR is currently divided into two sections, each of which are briefly outlined below. Although some of the topics addressed in the IFR were touched upon in previously released guidance, there are some new clarifications and helpful examples regarding how borrowers should calculate their PPP loan forgiveness amount.
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