Smith Anderson (North Carolina): SBA and Treasury Issue Additional Guidance on the Paycheck Protection Program

On May 22, 2020, the Small Business Administration (SBA) and the Department of the Treasury (Treasury) issued two Interim Final Rules related to the Paycheck Protection Program (PPP): 1) an Interim Final Rule on loan forgiveness, which clarifies certain forgiveness and calculation issues, and 2) an Interim Final Rule on SBA loan review procedures. Each of these rules supplements earlier guidance provided by the SBA and Treasury and also clarifies certain items required by the PPP loan forgiveness applicationreleased by the SBA and Treasury on May 15, 2020. MORE.

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