This week, the U.S. Small Business Administration published an Interim Final Rule
that provides additional guidance on the loan forgiveness rules under the Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The guidance addresses some questions that were raised by attendees at the two-part ASA webinar “Understanding the PPP Loan Forgiveness Rules and the SBA Audit Process,” which took place June 11–12. ASA published comprehensive FAQs
addressing attendee questions on Monday.
The SBA, among other things, addresses when borrowers that have spent all their loan money on eligible expenses can apply for forgiveness. The rules also shed light on two new provisions recently enacted by Congress that allow borrowers to avoid reduction in their loan forgiveness amounts.