Summary of Paycheck Protection Program Loan Forgiveness Application

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.

 

To read the entire summary, click here.

 

DISCLAIMER:  The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

 

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