Paycheck Protection Loan Guidance Issued

Over the past ten days, the Small Business Administration (SBA) has issued guidance to borrowers under the Paycheck Protection Program (PPP) , including the following:

• On May 18, 2020 the SBA issued the Paycheck Protection Program Forgiveness Application, which provides instructions on calculating a borrower’s loan forgiveness request, and outlines the documents borrower will be required to submit with the Forgiveness Application.  This Application provides additional information to borrowers on the calculation methodology, including how to account for payroll and non-payroll costs.

• On May 22, 2020 the SBA issued interim guidance on Loan Forgiveness, which provides additional guidance to borrowers regarding forgiveness calculations.