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SBA, Treasury Release Updated Paycheck Protection Program FAQs

  
October 7, 2020
Jessica L. Jeane, J.D.
Director of Public Policy and Communications

The U.S. Small Business Administration (SBA), in consultation with Treasury, released updated FAQs for the Paycheck Protection Program (PPP) late in the evening on October 7. The sub-regulatory guidance is intended for both lenders and borrowers participating in the small business loan program.

The SBA announced earlier this week that it has started approving forgiveness applications and remitting forgiveness payments to lenders on behalf of PPP borrowers. “SBA will continue to review all PPP forgiveness applications in an expeditious manner,” a spokesperson for SBA said.

NSA

Notably, over 200 attendees tuned into NSA’s September 21 webinar titled, PPP Loans: New Legislation and its Impact on Forgiveness. The webinar highlighted crucial issues related to the recently enacted Paycheck Protection Program Flexibility Act of 2020 (P.L. 116-142), and how to maximize debt forgiveness based on information issued by the SBA. 
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    The core mission of the National Society of Accountants is to help tax and accounting professionals become more successful.

NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied upon, as legal, tax, or accounting advice.

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