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Updates On Paycheck Protection Program Loan Program

Friday, October 9, 2020   (0 Comments)
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Updates On Paycheck Protection Program Loan Program
  1. The Q & A document has been updated to show that the extension of payment due dates is now 10 months after either the loan forgiveness period or the date the SBA provides the forgiveness amount to the lender. It was previously 6 months. The Q & A confirms no change to the promissory notes need to be made. You can see the latest Q & A by clicking here.
  2. The U.S. Treasury has also provided new guidance on how changes of ownership affect existing PPP loans. You can read the guidance by clicking here
  3. Several news outlets have advised that the SBA is now processing the first group of loans to be forgiven under the PPP. We hope that more information on the process will be forthcoming.

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