SBA Releases New Guidance on PPP Loan Forgiveness

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Bass, Berry & Sims PLC

On August 4, the Small Business Administration (SBA) released new FAQs related to Paycheck Protection Program (PPP) loan forgiveness. The FAQs provide interpretive guidance regarding PPP loan forgiveness applications, forgiveness-eligible payroll costs (including detailed guidance regarding compensation of owner-employees) and nonpayroll costs and loan forgiveness reductions.

The SBA has announced that it will be rolling out a PPP forgiveness platform to process PPP loan forgiveness applications beginning August 10.

Prospective borrowers who have not yet received a PPP loan have until August 8 to obtain one. Borrowers who have already obtained a PPP loan are not eligible to apply for additional loans at this time. However, Congress is considering new legislation that could further extend the PPP deadline and also allow certain small businesses to apply for a second PPP loan.

The Bass, Berry & Sims CARES Act Task Force will continue to monitor developments in PPP rules and guidance.

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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