SBA Issues Rules for Paycheck Protection Program Loan Forgiveness – With Pending Legislation to Afford Borrowers Enhanced Flexibility for Forgiveness
On May 21, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of Treasury, issued two Interim Final Rules pertaining to loan forgiveness under the Paycheck Protection Program (PPP). The first Interim Final Rule, entitled SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, provides rules regarding procedures for borrowers and […]