On August 4, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act).
While we still have many questions related to the existing forgiveness applications that we believe need further interpretation, we wanted to alert you that additional guidance exists and to remind you of a few key elements related to this program:
As always we are here to assist you with any questions, comments, or concerns that you have. Please reach out to your Citrin Cooperman professional with any questions.