Michels & Hanley CPAs, LLP COVID-19 –
PPP Loan Forgiveness – SBA Answers More Questions on
PPP Loans and Forgiveness
5.26.20 | Client Alert
On Friday evening, May 22, the SBA issued additional guidance on Paycheck Protection
Program (PPP) loan forgiveness, loan review procedures and related borrower and lender
responsibilities. The article below provides information about the loan review procedures and
related borrower and lender responsibilities, including our observations and related
recommendations.
Purpose of the Guidance
With this interim final rule, the SBA contemporaneously issued interim final guidance on its
process for reviewing all PPL applications and loan forgiveness applications, regardless of the
date on which they were submitted. The goal of this notice is to provide borrowers a high degree
of certainty about the SBA’s application review so they may take immediate steps to maximize
their loan forgiveness.
Continue reading: COVID 19 PPP loan forgiveness Answers