The Second Round of PPP Loans: What You Need to Know

On January 19, 2021 additional guidance was released to assist borrowers in applying for the second round of PPP loans. These loans became available based upon legislation passed by Congress and signed by President Trump in late December and included in the Consolidated Appropriations Act of 2021.

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Why the SBA is Questioning Borrowers with PPP Loans Over $2 Million

Needless to say, the contemplation of free money had businesses scrambling to take out PPP loans, whether they were impacted by economic effects of COVID-19 or not. Therefore, the Treasury had initially indicated the need for all PPP loans to be audited, but later specified only those of $2 million or more would be subject to an audit.

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Guidance on the PPP Loan Forgiveness Revised Forms

On June 16 and 17, 2020 the Small Business Administration (SBA) released revised loan forgiveness application forms and also provided additional guidance for a few provisions under the Paycheck Protection Program (PPP) loans. We believe further guidance may be forthcoming; however, the following information will be helpful as borrowers begin the process of applying for loan forgiveness.

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It’s Finally Here: Guidance on PPP Loan Forgiveness

The Small Business Administration (SBA) released guidance on May 22, 2020 specifically related to the loan forgiveness piece of the Payroll Protection Program (PPP) loan. Although we received a glimpse of this guidance in the most recently released loan forgiveness application there were some new developments that we will clarify below.

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Clarifications on the PPP Loan Forgiveness Application

This past weekend the Small Business Administration (SBA) released the loan forgiveness application for borrowers who received funds under a Payroll Protection Program (PPP) loan. We are still anticipating formal guidance to be issued in the next few days from the SBA, but the application form itself provides some answers to questions we have been tackling in recent days.

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An Important Update on Returning PPP Loan Funds

We recently addressed the question, “do I need to consider returning my PPP loan funds?”. The SBA had provided guidance that if any borrower returns their funds by May 14, the borrower will have been deemed to make their PPP loan certification in good faith. However, today on May 13, the SBA has issued additional guidance regarding the good faith certification.

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