Pursuant to Division A, Title I of the Coronavirus Aid, Relief, and Economic Stability ("CARES") Act, as amended, Congress, among other things, established a framework for the Paycheck Protection Program (the "PPP"). In the weeks and months following the signing of the CARES Act by President Trump, the Small Business Administration (the "SBA") and the U.S. Treasury issued guidance including Frequently Asked Questions ("FAQ") and interim rules relating to the terms of the PPP, including, but not limited to, permitted expenditures for loan proceeds and loan forgiveness.
On May 15, 2020, the SBA released the Paycheck Protection Program Loan Forgiveness Application, together with instructions providing borrowers with much needed guidance on how to calculate loan forgiveness (the "Application").
On May 22, 2020, the SBA released the Interim Final Rule on Loan Forgiveness which, in part, provided further detail and explanation of certain new rules introduced in the Application.
This new program provides practitioners with an overview of the Paycheck Protection Program Loan Forgiveness process and an outline on how to assist clients applying for loan forgiveness.
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