Jessica L. Jeane, J.D.
Director of Public Policy & Communications
October 30, 2020
Treasury and the U.S. Small Business Administration (SBA) on October 30 released a Paycheck Protection Program (PPP) Loan Forgiveness Factsheet. The two-page factsheet provides borrowers with step-by-step instructions on how to apply for PPP loan forgiveness.
The PPP, enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, (P.L. 116-136), provided forgivable loans to eligible small businesses, certain non-profit organizations, veteran’s organizations, Tribal business concerns, independent contractors, and self-employed individuals adversely impacted by the COVID-19 pandemic. The SBA, in a Notice published to the Federal Register on October 26, lists two new "loan necessity" questionnaires for certain non-profit and for-profit borrowers. A spokesperson for the SBA has said that the new "information collection" forms will be applicable for PPP loans totaling $2 million or more.
Additionally, the SBA, in consultation with Treasury, is reportedly preparing to soon release additional sub-regulatory guidance in the form of new PPP FAQs.
- The current list of FAQs for Lenders and Borrowers, which has been updated multiple times, can be located here.
- The SBA’s general PPP page with additional resources can be located here.