Earlier this week, the US Department of the Treasury announced that the Small Business Administration (SBA) would begin forgiving loans granted under the Paycheck Protection Program (PPP). Although the SBA began accepting PPP loan forgiveness applications in August, they had not yet approved any loans for forgiveness.
This is good news for most borrowers, but it will not materially impact their process as the SBA allows lenders to develop their own process for receiving and reviewing loan forgiveness applications. As such, we recommend borrowers develop an understanding of their lender’s process while ensuring they have retained the detailed documentation necessary to substantiate the information requested in the loan forgiveness application. We continue to believe that patience and preparation are will ensure the best outcome for borrowers.
If you have questions about this latest guidance or need assistance as you work through the loan forgiveness process, contact BPM’s Economic Recovery & Emergence Task Force members Terry Hill or Brett Hazlett.
Read and catch up on BPM’s latest COVID-19 and Recovery & Growth content on the Firm’s COVID-19 Resource Center.
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