PPP and the Enigma of Loan Forgiveness
It’s been almost a month since we wrote the first installment of our “Enigma” article, and we are happy to provide this latest installment.
We are surprised (and grateful) for the extremely warm reception our article has received, and we thank our readers for sharing their thoughts and insights with us. We think this reflects the importance of the topic to businesses around the country as the first round of forgiveness applications draws near.
Between April 14, 2020, and May 6, 2020, the SBA released a series of interim final rules (IFRs 3, 4, 5, 6, 7, and 8) and frequently asked questions (FAQs – 45 in total), as well as guidance in other formats. Yes, it is dizzying to keep track of it all. The guidance does not address directly the questions we posed regarding loan forgiveness, but it does shed some light on our favorite topic.