Small Business Administration Releases New FAQ on Loan Forgiveness Review

On December 9, 2020, the Small Business Administration (SBA) added Question 53 to its Frequently Asked Questions (FAQs) document. The new question provides further insight into the SBA’s Paycheck Protection Program (PPP) loan forgiveness review process, especially for borrowers with PPP loans of at least $2 million and new Forms 3509 and 3510, and expands on the good-faith certification discussed in Question 46.

To read the full text of this Duane Morris Alert, which summarizes the key points from the update to the FAQs, please visit the firm website.