Update 1/19/21: The Small Business Administration (SBA), in consultation with the Treasury Department, has recently released additional guidance and updated forgiveness forgiveness applications for the Paycheck Protection Program (PPP). This page will continue to be updated with the latest information available.
All three PPP forgiveness applications are listed below along with newly released Interim Final Rule. If you have questions about which application is best for you, please reach out to your commercial lender.
PPP Interim Final Rule - Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
The Small Business Administration (SBA) has provided new rules and guidance for PPP loan forgiveness on January 19th, 2021. Here are the full details directly from the SBA interim final rule.
Have an Economic Injury Disaster Loan (EIDL)?
Economic Injury Disaster Loans (EIDL) Update 1/8/21: The SBA released a notice effective immediately regarding the repeal of the EIDL Advance deduction requirement. The SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders. This change will be applied to SBA forgiveness payments with a status of “Payment Confirmed” dated December 29, 2020 or later.
If you had a loan where the SBA remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, the SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date. If you received and EIDL loan, we encourage you to review the notice below directly from the SBA.
Additional resources for your small business:
U.S. Department of the Treasury Website
A resource to learn more about assistance that is available for small businesses.
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