SBA Releases New Paycheck Protection Program Loan Forgiveness Applications and Instructions

Sullivan & Worcester

As we previously predicted, the Small Business Administration (SBA) recently released a new loan forgiveness application and related instructions for those borrowers seeking forgiveness of Paycheck Protection Program (PPP) loans to reflect changes to the PPP implemented as a result of the recently enacted Paycheck Protection Program Flexibility Act of 2020. In addition, the SBA released a simplified forgiveness application and related instructions for borrowers who meet certain criteria as specified therein.

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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