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On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less.
The interim final rule includes updates in three key areas:
- PPP loan recipients will be able to use a new COVID Revenue Reduction Score for necessary documentation regarding second-draw PPP loans.
- Early in August, the SBA will launch a portal that will allow loan recipients to interface directly with the SBA for forgiveness, rather than going through their lender.
- PPP borrowers who file a timely appeal of an SBA loan review decision will be eligible for an extension of the loan deferment period.
For full details, click here to read a helpful article from The Journal of Accountancy.