Frequently Asked Questions on PPP Loan Forgiveness
Small Business Administration released guidance to address borrower and lender questions concerning forgiveness of PPP loans. The FAQ are divided into four sections: general loan forgiveness, loan forgiveness payroll costs, loan forgiveness nonpayroll costs, and loan forgiveness reductions.
While these answer a number of outstanding questions, there are still some open items and gray areas. We expect that the SBA will release additional FAQ and that there will be more changes to PPP loans. Congress is considering simplifying the forgiveness process for PPP loans of $150,000 or less and also a second round of PPP that would provide additional PPP funds to businesses that need it the most.
We will continue to follow PPP developments and will keep you informed on any changes. If you have any specific questions, please contact us and we will be happy to assist you.