On Friday, May 22, the SBA released two new interim final rules for PPP loans. The interim final rules can be found at:
- https://home.treasury.gov/
system/files/136/PPP-IFR-Loan- Forgiveness.pdf - https://home.treasury.gov/
system/files/136/PPP-IFR-SBA- Loan-Review-Procedures-and- Related-Borrower-and-Lender- Responsibilities.pdf
This new guidance addresses requirements for loan forgiveness, loan review procedures, and borrower and lender-related responsibilities.
If we can assist you in understanding this new guidance, explaining the programs’ provisions, analyzing the potential benefits or helping you with gathering the needed information, please call any Sponsel CPA Group Team member or our colleagues listed below.
Jason Thompson-Direct at 317-608-6694 or [email protected]
Eric Woodruff-Direct at 317-613-7850 or [email protected]
Lisa Blankman-Direct at 317-613-7856 or LBlankman@sponselcpagroup.
This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.