The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing guidance, Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department of the Treasury, of the CARES Act, the Flexibility Act, and the Paycheck Protection Program Interim Final Rules (“PPP Interim Final Rules”) (link).
Please feel free to pass this information to clients and bankers.
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Upcoming CPE Events Discussing PPP Loan Forgiveness
ASCPA's PPP Loan Forgiveness - A Step by Step Approach with Kurt Oestriecher
Friday, August 14, 2020 | 3.0 Hours of CPE
ASCPA's Professional Issues Update: What Every CPA Needs to Know with Carl Peterson & Stan Sterna
Tuesday, August 18, 2020 | 1.8 Hours of CPE
Find more ASCPA courses discussing PPP loans and the effects of COVID-19 on businesses by searching "PPP" in the keyword box on www.ascpa.org/CPE >