May 26 Weekly COVID-19 Recovery Update: Loan Options & Forgiveness Strategies
Prior to the long Memorial Day Weekend, the Small Business Administration (SBA) released two Interim Final Rules on May 22, 2020 surrounding the Paycheck Protection Program (PPP) and included important guidance for borrowers and lenders. Updates from the two Interim Final Rules include:
- Guidance for borrowers and lenders on loan forgiveness, including information on payroll and non-payroll costs, FTE and salary reductions and policies & procedures.
- Details on the procedures the SBA will undertake to review selected loans, as well as how borrowers and lenders will be impacted.
With changes constant and released guidance on-going, join Sax each week to hear about the most recent updates made to the relief programs, forgiveness clarifications, best practices for securing aid, and more.