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Greenbaum, Rowe, Smith & Davis LLP Client Alert

In its continuing effort to provide guidance on the Paycheck Protection Program, the Small Business Administration (SBA) released new Frequently Asked Questions (FAQs) specifically targeted to the Loan Forgiveness process on August 4, 2020. 

The FAQs address four areas, as follows:

Loan Forgiveness – General

Loan Forgiveness – Payroll Costs

Loan Forgiveness – Non-Payroll Costs

Loan Forgiveness – Reductions

The SBA continues to provide guidance documents, and there is also the potential for further stimulus legislation that may modify the PPP program.  We will continue to monitor and advise when any new guidance is provided.  Please contact the author of this Alert, Steven Firkser sfirkser@greenbaumlaw.com | 732.476.2388 with questions.  Mr. Firkser is a member of the firm’s Real Estate and Redevelopment & Land Use Departments.