SBA Provides Further Guidance on PPP Loan Forgiveness
The Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, recently released updated guidance to address borrower and lender questions related to forgiveness of Paycheck Protection Program (PPP) loans, as provided under Section 1106 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and amended by the PPP Flexibility Act.
The document was released on Aug. 4 and provides the answers to frequently asked questions (FAQs) regarding the following:
- General Loan Forgiveness
- Loan Forgiveness Payroll Costs
- Loan Forgiveness Nonpayroll Costs
- Loan Forgiveness Reductions
To read the frequently-asked-questions document, click here.