PPP Loan Forgiveness, the Paycheck Protection Program Flexibility Act, and an Application Calculator
The U.S. Small Business Administration (“SBA”) has released an updated PPP Loan Forgiveness Application (and related instructions) and a shorter EZ Form application for certain qualified borrowers and related instructions with respect to the Paycheck Protection Program (“”). These releases followed the enactment of the Paycheck Protection Program Flexibility Act (“PPPFA”) which amended the previously enacted CARES Act. The SBA has also released Interim Final Rule as to PPP loan forgiveness, which has been revised by Revisions-to-First-Interim-Final-Rule (as revised, “IFR”) and the PPPFA will guide PPP borrowers as to use of loan funds and applications for forgiveness. Below we discuss some key considerations to keep in mind as you review the application, IFR, and PPPFA in relation to the PPP loan forgiveness process.
