On Tuesday, August 4, 2020, the Small Business Administration (SBA) and Department of Treasury released new Frequently Asked Questions (FAQs) concerning forgiveness of Paycheck Protection Program (PPP) loans. Although the FAQs compile common questions regarding general loan forgiveness, payroll cost forgiveness, non-payroll cost forgiveness and loan forgiveness reductions, this new format may be helpful to review.
The complete list of updated FAQs concerning forgiveness of PPP loans can be found here.
The rules surrounding PPP loans are complex and business specific. If you have concerns about the rules, please contact Ford Turrell, Timothy Hillegonds, Rob Davies, Matthew Crowe, Charlie Goode, Jeffrey Ott or your Warner attorney.
