May 2020
On May 15, 2020, the Small Business Administration (SBA) announced its long-anticipated forgiveness rules via release of the Paycheck Protection Program (PPP) Loan Forgiveness Application.
Through a series of instructions and worksheets, employers now can gain a clearer understanding of how forgiveness will work. The Application answers numerous questions to help borrowers plan when spending their loan proceeds during their 56-day (eight-week) covered period. Several nuanced questions remain unanswered, but it is expected that these may be addressed in future SBA releases.
