8.11.20
In its continuing effort to provide guidance on the Paycheck Protection Program, the Small Business Administration (SBA) released new Frequently Asked Questions (FAQs) specifically targeted to the Loan Forgiveness process on August 4, 2020.
The FAQs address four areas, as follows:
Loan Forgiveness - General
Loan Forgiveness - Payroll Costs
Loan Forgiveness - Non-Payroll Costs
Loan Forgiveness - Reductions
The SBA continues to provide guidance documents, and there is also the potential for further stimulus legislation that may modify the PPP program. We will continue to monitor and advise when any new guidance is provided.