On May 23, 2020, the SBA released a pair of interim final rules relating to the Paycheck Protection Program (the “PPP”) loan forgiveness criteria and the forgiveness application process. These two new interim final rules (together, the “Forgiveness Rules”) essentially codify and supplement information set forth in the recently-released forgiveness application form. The Forgiveness Rules contain several items of information that are important to borrowers of PPP loans, but leave other issues unresolved. Our Alert discussing the Forgiveness Rules can be found here
Client Alert: SBA Releases Formal Rules Regarding PPP Loan Forgiveness – May 25, 2020
