Although the federal government’s Paycheck Protection Program (PPP) is still open to applicants, borrowers who received PPP loans earlier this spring are getting ready to request that their loans be forgiven, in whole or in part. Lenders are preparing for the influx of a new round of “paperwork.” However, many questions about the program remain unanswered.
On July 23, 2020, the Small Business Administration (SBA) tried to answer some of those questions by releasing new guidance on the forgiveness process for PPP loans from a lender’s perspective. My colleagues Jack Beeler, Cat Rice and Jack Beeler discuss some of the highlights of that guidance in this Porter Wright Law Alert.
