PPP: SBA Answers More Questions

May 26, 2020

From Grassi Adivisors:
SBA Answers More Questions on PPP Loans and Forgiveness
This Memorial Day weekend brought additional guidance from the Small Business Administration on Paycheck Protection Program (PPP) loan forgiveness, loan review procedures and related borrower and lender responsibilities.

The interim final rule issued on Friday, May 22, answers questions about many significant areas of both the PPP Loan Application and Loan Forgiveness Application, including:

  • What borrower representations and statements will the SBA review?
  • Will borrowers of less than $2 million be subject to these reviews?
  • Will a borrower get the opportunity to respond to the SBA’s questions in a review?
  • Can a borrower appeal the SBA’s determination of ineligibility for a PPP loan, loan amount or forgiveness amount?
  • What areas will lenders focus on to determine loan forgiveness?
  • What is the timeline for the lender’s decision on a loan forgiveness application?

Click the button below to read the answers to these questions and more, as well as observations and recommendations from our Emergency Loan Consulting team to help you interpret this new guidance and maximize your PPP loan forgiveness.

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If you need assistance applying for PPP loan forgiveness or documenting your need for relief, please contact our Crisis Response & Recovery hotline at 212.223.6216 or response@grassicpas.com.