SBA Updates PPP Loan Forgiveness & Loan Review Procedures

Thoughtware Alert Jun 25, 2020
Advisor going over accounting work

On June 22, 2020, the U.S. Small Business Administration (SBA) released an interim final rule (IFR) that includes revisions to two previous IFRs by updating loan forgiveness and SBA loan review procedures guidance in light of the amendments under the recently passed Paycheck Protection Program Flexibility Act of 2020. This article has more information on the Paycheck Protection Program (PPP), including updates on loans and available funds, borrower disclosure, and using PPP loan proceeds to refinance economic injury disaster loans.

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