SBA Issues New PPP Loan and Loan Forgiveness FAQs
On August 11, 2020, the Small Business Administration (the “SBA”) issued Frequently Asked Questions (“FAQs”) pertaining to PPP Loans and PPP Loan Forgiveness.
The newly released PPP Loan FAQs cover:
- Payment or nonpayment of fees of an agent or third party is not material to SBA’s guarantee of a PPP Loan or to SBA’s payment of fees to lenders
- Payments required for the provision of group health care benefits, including insurance premiums, include vision and dental benefits
The newly released PPP Loan Forgiveness FAQs cover:
- An Economic Injury Disaster Loan (EIDL) advance will be deducted from a Borrower’s Loan forgiveness amount
- Repayment of PPP Loan amounts that are not forgiven
- EIDL advances in excess of the Borrower’s PPP Loan amount will not receive any forgiveness on the PPP Loan
PPP Loan Forgiveness FAQs: https://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-FAQs.pdf
The Attorneys at Levene Gouldin & Thompson, LLP are available to provide advice and counsel concerning these new statutory obligations and other matters related to COVID-19.