Treasury and the U.S. Small Business Administration have released new Paycheck Protection Program (PPP) guidance that provides some clarity on several loan forgiveness issues, but some questions remain about two important parts of PPP.
Two new interim final rules issued May 22 build upon the loan forgiveness application and instructions, but they don’t make changes to either the eight-week period to spend PPP funds to qualify for forgiveness or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs to qualify for full loan forgiveness.
Congress is considering multiple bills that address the two issues.