Late on Wednesday June 17, the Small Business Administration (the “SBA”) released additional guidance in relation to the Paycheck Protection Program (the “PPP”), conforming existing guidance to the borrower-friendly amendments made by the recently enacted Paycheck Protection Program Flexibility Act of 2020. In addition, the SBA provided updated model applications and instructions for borrowers who plan to seek loan forgiveness. Although the new rules and forms add little in the way of substantive legal clarity and leave many of the program’s most pressing questions unaddressed, we have highlighted in our Alert a list of changes to the PPP. The Alert can be found here.
Client Alert – SBA Unveils “EZ” Forgiveness Application Form – June 19, 2020
