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PPP Loan Forgiveness—Where Do Things Stand Now?

Under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, businesses may be eligible for low-interest loans from the U.S. Small Business Administration, which may be forgiven if the business meets certain conditions.

The limited guidance provided to date by SBA regarding loan forgiveness has made it difficult for borrowers to know exactly where they stand—both on the key issue of whether they certified in good faith that the loan was necessary and, assuming they did certify in good faith, whether and to what extent the loan will be forgiven. In this article, ASA lawyers explain what is currently known based on the guidance issued to date.