The Small Business Administration (SBA) released long-awaited Paycheck Protection Program (PPP) guidance Friday night adding rules for loan forgiveness. The rules follow instructions to the previously-released loan forgiveness form, but add important details. The provisions seem mostly borrower-friendly, providing some optional rules that should make it easier to calculate the forgiveness amount, as well as clarifying payments that qualify. You can read a good summary of the guidance in this Journal of Accountancy article. However, as noted in the article, Congress seems poised to legislate significant changes to the PPP forgiveness rules making it easier for borrowers to qualify for loan forgiveness. So stay tuned for further developments.
Here’s the article that includes the loan forgiveness application (posted May 18).
