PPP Loan Forgiveness Applications Can Now Be Submitted As Soon As Monies Are Spent

PPP Loan Forgiveness Applications Can Now Be Submitted As Soon As Monies Are Spent

PPP Loan Forgiveness Applications Can Now Be Submitted As Soon As Monies Are Spent

June 22nd Interim Rules Pave The Way









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With another day comes another new PPP rule pronouncement. Late in the afternoon on June 22nd the SBA released new guidance titled Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule. Much has been made of all the activity surrounding the PPP over the last two to three weeks. New rules, applications, and guidance feel like a near daily occurrence at this point.                                                                                       



The new Interim Final Rule released on the 22nd serves to tie a nice bow around all those changes and officially codify them into the Interim Final Rules governing loan forgiveness and the lender review process.



Primarily, the June 22nd Interim Final Rule officially updates the language of the Final Rules to include the changes enacted via the PPP Flexibility Act of 2020. This includes things like the 24-week extension, the 60% rule, the extended loan payment deferral period, the extension of the "employee rehire amnesty“ period, the new employee reduction exception to forgiveness reductions, and the new EZ Forgiveness