The U.S. Small Business Administration, in consultation with Treasury, released guidance Tuesday, Aug. 4, answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program (PPP) loans.
The FAQs address four different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable: general loan forgiveness, loan forgiveness payroll costs, loan forgiveness nonpayroll costs and loan forgiveness reductions.