The Paycheck Protection Program (PPP) Loan Forgiveness Application issued by the Small Business Administration (SBA) has been updated as of June 16, 2020. Borrowers can access the revised loan forgiveness application HERE.
Further, on June 22, 2020, the SBA released new Interim Final Rules on the PPP Flexibility Act, which was signed into law on June 5, 2020. The SBA released these Rules to provide additional clarity for borrowers navigating the loan forgiveness process. The Rules revise the SBA’s previous guidance (partly to conform with the PPP Flexibility Act) and tackle questions including, but not limited to, when and how to apply for early loan forgiveness and what the general process is to obtain loan forgiveness.
Despite the PPP loan application deadline of June 30, 2020, there is a chance that those who have not yet applied for a PPP loan may not be able to apply for a loan as some banks have already stopped taking applications. However, with a few days remaining until the deadline, small businesses that are interested in obtaining a PPP loan should do so very soon.
For additional inquiries on the rules, guidance, amendments, and other information related to the PPP, please contact Chaim Book at cbook@mb-llp.com, Lianne Forman at lforman@mb-llp.com, or Sheryl Galler at sgaller@mb-llp.com.
