Michels & Hanley CPAs LLP

SBA Answers More Questions on PPP Loans and Forgiveness

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
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