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PPP Loans Small Business Relief

PPP Loan Forgiveness Application Due Date

The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right […]

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PPP Loans

Have a PPP loan $50,000 or less? Forgiveness has been simplified.

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. Under the […]

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PPP Small Business Relief

New PPP Notice Gives Borrowers Transfer Guidelines And Procedures

The provisions of the new Notice are summarized below: 1. Will Not Apply After a PPP Note is “Fully Satisfied” A PPP note is considered to be “fully satisfied” only once one of the following has occurred: The borrower has repaid the PPP note in full; The SBA has remitted funds to the bank lender […]