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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