SBA Issues New Guidance that Assists Business Owners with PPP Loan Forgiveness

Last week the Small Business Administration (SBA) released significant guidance governing the forgiveness of Paycheck Protection Program (PPP) loans, and the release of new Form 3508 for borrowers to use in requesting said forgiveness.

Although the guidance has come to us in pieces, with the issuance of the revised application, enough information is available for borrowers to build a solid understanding of how the SBA intends to merge the rules found in:

• the original CARES Act,
• subsequent SBA regulations, and
• the recently enacted Paycheck Protection Program Flexibility Act of 2020.

The SBA merged the items listed above into one authoritative package which contains a great deal of information and direction designed to assist business owners with calculating their loan forgiveness. The form also includes helpful worksheets and step-by-step instructions.

With this additional guidance in hand, borrowers can work diligently to determine ways to maximize their forgiveness.

O’Reilly Rancilio attorneys are able to assist business owners with legal questions as a result of the COVID-19 crisis. Call 586-726-1000 or visit our website.