May 29, 2020
CLIENT ALERT: SBA Clarifies Paycheck Protection Loan Forgiveness Criteria
In an interim final rule (“IFR”) issued on May 22, 2020,[1] the Small Business Administration (“SBA”) clarified the method by which Paycheck Protection Program (“PPP”) Loan Program funds must be expended and documented to support loan forgiveness. This “Loan Forgiveness IFR” is effective immediately but is subject to future modification…