Alert: "SBA Releases Interim Final Rules on PPP Loan Forgiveness"
On Friday, May 23, 2020, the Small Business Administration (SBA) released two long-awaited Interim Final Rules (IFR) regarding forgiveness of Paycheck Protection Program (PPP) loans. As with previous PPP IFRs from the SBA, the two new IFRs are primarily in question and answer format.
The second IFR describes the SBA’s procedures for reviewing PPP loan applications and PPP loan forgiveness applications. It additionally addresses borrower and lender responsibilities for responding to the SBA’s review of their PPP loan application and PPP loan forgiveness application.