The U.S. Treasury Department today released a set of “frequently asked questions” (FAQs) addressing loan forgiveness issues under the Paycheck Protection Program (PPP) as administered by the Small Business Administration (SBA).
The PPP is one of two programs originally established to provide approximately $350 billion to support lending to both small and large businesses pursuant to measures included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Subsequently enacted legislation, the Paycheck Protection Program and Health Care Enhancement Act (enacted in April 2020) provided more than $300 billion in new funding for the PPP as well as funds for health care, including relief for health care providers and for coronavirus (COVID-19) testing, but no tax provisions.
The FAQs on PPP loan forgiveness [PDF 120 KB] (dated August 4, 2020) provide guidance as FAQs under these topics:
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