In the past few weeks, the Small Business Administration has released several rounds of guidance for businesses who took loans from the Paycheck Protection Program. While the final PPP rules have yet to be released, the SBA and Treasury have released several important regulatory announcements including a forgiveness application and Interim Final Rules.
The deck below summarizes the rules and guidelines that have been shared so far and can help guide conversations within your company. One thing to note is that Congress has proposed an updated set of laws which would relax some of the requirements for loan forgiveness. H.R. 7010 has passed in the House and would still need to pass in the Senate and be signed by the President before becoming law. The last slide of the deck below addresses the potential changes this legislation would bring, and we will distribute an updated deck if the law changes.