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May 5, 2020 PPP Loan Forgiveness

Tuesday, May 05, 2020

Based on the number of calls I am receiving regarding debt forgiveness under the payroll protection program (“PPP”), and reviewing certain newly issued guidance by various authorities (i.e., IRS on May 1, 2020 and SBA on April 28, 2020) concerning the PPP, I have decided to provide you an update on the PPP loan. PPP Loan Forgiveness: The following is an overview of the forgiveness allowed under the PPP loan: Certain documents will be required to be submitted to the lender for forgiveness of the PPP loan amount (see Section 1106(e) of the CARES Act at https://www.congress.gov/bill/116th-congress/house-bill/748/text?q=%7B%22search%22%3A%5B%22H.R.+748%22%5D%7D&r=1&s=10, as well as, “what documentation will I be required to submit to my lender with my request for... Read More