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Over the weekend the Small Business Administration (“SBA”) released its long-awaited Paycheck Protection Program Loan  (“PPP”) Forgiveness Application which you can find here.  The Application and its instructions answer some questions borrowers have and give some flexibility for borrowers to pay payroll and eligible nonpayroll costs, incurred in the covered period, in their first normal payment cycle following the covered period. However the Application leaves other questions unanswered and the SBA has promised additional guidance in the form of regulations.  The AICPA also issued this Press Release discussing the Application.

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