CARES Act: SBA Revises Paycheck Protection Program (PPP) Loan Forgiveness and Loan Review Procedure Rules | Practical Law
The Small Business Administration (SBA) issued an interim final rule that provides additional guidance for the forgiveness and loan review processes for PPP loans of up to $50,000, and lender responsibilities for reviewing borrower documentation of eligible costs for forgiveness in excess of a borrower’s PPP loan amount for all loans. The SBA also issued a simpler alternative Loan Forgiveness Application, SBA Form 3508S, for use by certain PPP borrowers.