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.

Small Business Administration Releases New Interim Final Rule on PPP Loan Forgiveness

On October 8, 2020, the Small Business Administration (SBA) released a new interim final rule detailing additional revisions to the Paycheck Protection Program (PPP) loan forgiveness process and loan review procedures. In addition, the SBA released Question 52 to its Frequently Asked Questions (FAQs) document on October 7, 2020, which addresses the deferral period for borrower payments of principal, interest and fees.

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