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SBA issued another interim final rule to help PPP borrowers with loan forgiveness applications, help PPP lenders making loan forgiveness decisions, and share the SBA process for reviewing PPP loan and forgiveness applications.
The release by the SBA of the PPP forgiveness form for borrowers brought significant changes to the interpretation of some of the components of forgiveness.
The SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”
The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA).
The SBA and Treasury Department continue to tweak and clarify information in the initial documentation that was released regarding the Paycheck Protection Program.