On August 4, 2020, the Small Business Administration (SBA), in consultation with the U.S. Treasury Department, issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness.
This is the first release of clarification for the loan forgiveness as FAQs and we consider it a step in the right direction. There will be additional FAQs in the future so please keep a line of communication with your CPA, EA, lawyer or any other business professional.
SBA support page (Loan forgiveness) – https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness
FAQ Loan forgiveness – https://www.sba.gov/sites/default/files/2020-08/PPP%20Loan%20Forgiveness%20FAQs%208-4-20-508.pdf
Forbes article – https://www.forbes.com/sites/allbusiness/2020/08/07/treasury-issues-new-faqs-on-ppp-loan-forgiveness/#312908709c65