May 2020

On Friday, May 22, the Small Business Administration (SBA) released an Interim Final Rule (IFR) for the requirements of Loan Forgiveness under the CARES Act. Procedurally, the IFR is subject to public comment for 30 days before it can become final. The SBA has already released the Paycheck Protection Program (PPP) Loan Forgiveness Application (“Forgiveness […]

On Friday, May 22, the Small Business Administration (SBA) released the Interim Final Rule (IFR) for the requirements of Loan Forgiveness under the CARES Act. Procedurally, the IFR is subject to public comment for 30 days before it can become final. The SBA has already released the Paycheck Protection Program (PPP) Loan Forgiveness Application (“Forgiveness […]

On Friday, May 15th, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The Application can be found at https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf While the Application helps to clarify some of the definitions and documentation requirements, there are several issues which are still unanswered. Moreover, the Application itself raises certain other issues that […]

The first wave of PPP loans have been approved and funded and the second wave is in process. The loan funding started the clock on the eight-week measuring period for spending the funds. For borrowers, the focus should now be on the question of loan forgiveness. The rules surrounding the forgiveness process is still in […]