On May 15, 2020, the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application which includes detailed instructions. This is the first piece of official SBA guidance devoted to loan forgiveness since the Interim Final Rule issued April 15, 2020.
While the instructions provide much-needed clarity to the loan forgiveness program, ambiguity and unanswered questions remain. We fully expect that the SBA will release supplemental guidance in the form of a new interim final rule to provide additional clarity where the instructions are lacking. We will continue to provide timely updates as new guidance is issued.
The attached white paper by Stephen J. Slade, CPA, is a summary of the highlights of the Paycheck Protection Program forgiveness instructions that have the largest impact on borrowers.
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