On Friday, May 15, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application (Application). The Application provides borrowers with the process to apply for the forgiveness of the eligible portion of their PPP loans at the end of the covered period. If approved, borrowers will not be required to pay back the eligible portion of their PPP loans.
The Application provides the borrower with the methodology to calculate the amount eligible for forgiveness. The following are some highlights based on the initial release of the Application. Note that we expect further guidance to be released by the SBA, which may modify some of the initial analysis.
We expect the SBA to issue additional regulations and guidance to further assist borrowers and to advise lenders of their responsibilities. Changes to the Application and its instructions may also be forthcoming. Therefore, borrowers may want to seek legal guidance prior to submitting their loan forgiveness application.
For more Day Pitney alerts and articles related to the impact of COVID-19, as well as information from other reliable sources, please visit our COVID-19 Resource Center.
COVID-19 DISCLAIMER: As you are aware, as a result of the COVID-19 pandemic, things are changing quickly and the effect, enforceability and interpretation of laws may be affected by future events. The material set forth in this document is not an unequivocal statement of law, but instead represents our best interpretation of where things stand as of the date of first publication. We have not attempted to address the potential impacts of all local, state and federal orders that may have been issued in response to the COVID-19 pandemic.
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