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  • May 26, 2020

    ‘Paycheck Protection’ Loans: SBA Advises on How to Ask for Forgiveness

    The new Paycheck Protection Program loans are meant to encourage small businesses to keep their workers employed through the COVID-19 crisis. Here’s some new guidance on loan forgiveness.

    The new Paycheck Protection Program (PPP) makes available low-interest and potentially forgivable loans typically to businesses that employ fewer than 500 people. Borrowers and their advisers have struggled to understand the forgiveness aspect of the PPP since the program was enacted as part of the Coronavirus Aid, Recovery, and Economic Security Act (CARES Act).

    Patrick J. Maxwell, Melissa McCord, Liz E. Peebles address two new interim final rules on loan forgiveness issued by the SBA on May 22, 2020.

    See the article ‘Paycheck Protection’ Loans: SBA Advises on How to Ask for Forgivenessin Quarles & Brady’s business law blog.

    Maxwell, McCord, and Peebles are with Quarles & Brady, Milwaukee.

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    Coronavirus & the Law, published by the State Bar of Wisconsin, includes legal, law practice, and other information about the impact of coronavirus. To contribute to this blog, contact Shannon Green.

    Disclaimer: Views presented in blog posts are those of the blog post authors, not necessarily those of the Section or the State Bar of Wisconsin. Due to the rapidly changing nature of law and our reliance on information provided by outside sources, the State Bar of Wisconsin makes no warranty or guarantee concerning the accuracy or completeness of this content.

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