Washington Alert: PPP Interim Final Rule Released 

On June 22nd, the Small Business Administration (SBA) and Department of the Treasury released revisions to the interim final rule on forgiveness and the interim final rule on loan review procedures for PPP loans. The revisions can be found in the PDF on the right side of this page and are intended to update the rules in light of the Paycheck Protection Program Flexibility Act, which was signed into law June 5th.

The revised rule clarifies that borrowers (whether using the eight week or 24-week covered period) can apply for forgiveness prior to the end of the covered period, if they have used all of the loan proceeds for which they are are requesting forgiveness. However, the forgiveness reduction, at least as it relates to the reductions in salary/wages, is still extrapolated through the entire covered period (eight weeks or 24 weeks).