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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

On Friday, May 22, 2020, the Small Business Administration (SBA) and Department of Treasury issued an <a href="https://www.wnj.com/updates/sba-issues-interim-final-rule-further-clarifying-ppp-loan-forgiveness" target="_blank" rel="noreferrer noopener">Interim Final Rule</a> (IFR) that provides some additional clarity on Paycheck Protection Program (PPP) loan forgiveness. The IFR comes on the heels of the forgiveness <a href="https://www.wnj.com/updates/sba-and-department-of-treasury-release-paycheck-protection-program-loan-forgiveness-application-and-instructions" target="_blank" rel="noreferrer noopener">Application</a> that SBA issued several days prior (Application). In addition to the guidance in the Application, the IFR provides in part:

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The IFR provides examples of how to calculate full-time equivalent employees.

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The rules surrounding PPP loan use and forgiveness are complex and business specific. If you have concerns about the rules, please contact <a href="http://wnj.com/people/ford-j-h-turrell">Ford Turrell</a>, <a href="http://wnj.com/people/timothy-hillegonds" target="_blank" rel="noreferrer noopener">Timothy Hillegonds</a>, <a href="http://wnj.com/people/rob-m-davies" target="_blank" rel="noreferrer noopener">Rob Davies</a>, <a href="http://wnj.com/people/matthew-m-crowe" target="_blank" rel="noreferrer noopener">Matthew Crowe</a> or your Warner attorney.

Financial Institutions and Services

Partner

Rob M. Davies

Of Counsel

Timothy “Tim” Hillegonds

Ford J. H. Turrell

SBA Issues Interim Final Rule Further Clarifying PPP Loan Forgiveness

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SBA Issues Interim Final Rule Further Clarifying PPP Loan Forgiveness

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