SBA Issues New Guidance Regarding PPP Loan Forgiveness
The Paycheck Protection Program (PPP) was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The SBA recently provided updates to its PPP guidance and also released the form application for PPP loan forgiveness, which will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans. Here are five common questions area attorneys have been hearing from business owners concerned about how PPP funds may be used in order to be forgiven.