PPP Loan Forgiveness: Additional Guidance and Clarification

The path to PPP loan forgiveness continues to evolve. Below we provide a more detailed summary of the changes resulting from the Paycheck Protection Program Flexibility Act (PPPFA) as well as additional guidance and clarification provided since its enactment on June 5, 2020. Covered Period The covered period for loan forgiveness has been extended from…

U. S. Senate Clears Changes to Paycheck Protection Program

The U.S. Senate has passed by unanimous consent legislation introduced as the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. The bill which among other things extends the window for businesses to spend the loans granted under the program will now be passed along to President Trump for his signature. Key changes to the…

SBA Issues PPP Loan Forgiveness Application

The SBA has issued the application form that borrowers are required to submit when seeking PPP Loan forgiveness. It is important to note that borrowers may not file the loan forgiveness application until at least 56 days after receipt of the date of their loan disbursement. This gives borrowers some time to consider any adjustments…