Interim Final Rules on PPP Loan Forgiveness and Review Procedures Released

Summary

On May 22, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury published its Paycheck Protection Program (PPP) Loan Forgiveness Rules and Loan Review Procedures and Related Borrower and Lender Responsibilities. The rules provide borrowers and lenders guidance on requirements for loan forgiveness and the SBA's process for reviewing PPP loans. This article summarizes those rules.