The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued guidance for borrowers and lenders on August 4, 2020, to address questions concerning forgiveness of Paycheck Protection Program (PPP) loans. The guidance contained in the FAQ relates to general loan forgiveness, forgiveness as it relates to payroll and nonpayroll costs, and reductions. MMM will continue to provide updates and analysis as more information becomes available.
