The Treasury released two interim final rules relating to the Paycheck Protection Program and its loan forgiveness process on May 22, 2020. These new rules restate some of what is in the loan forgiveness application as well as answers several questions on the loan forgiveness process and run through a few scenarios that will reduce the amount of loan eligible for forgiveness. Some of the topics include:
- Loan forgiveness process
- Payroll costs eligible for forgiveness
- Nonpayroll costs eligible for forgiveness
- Reduction to loan forgiveness amount
The first interim rule that addresses requirements for loan forgiveness can be found here (Interim Final Rule on Loan Forgiveness) and the rule which outlines PPP loan review procedures and related borrower and lender responsibilities can be found here (Interim Final Rule on SBA Review Procedures and Related Borrower and Lender Responsibilities).