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SBA Issues New Interim Final Rule Simplifying PPP Loan Forgiveness

On October 8, 2020, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) and a new Paycheck Protection Program (PPP) loan forgiveness application, Form 3508S, greatly simplifying the PPP loan forgiveness process for borrowers with PPP loans of $50,000 or less (except for borrowers that together with their affiliates received PPP loans of $2 million or more). Importantly, borrowers that can use Form 3508S are exempt from the workforce (FTE) and wage and salary reductions to forgiveness.

Form 3508S and the instructions are available at: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.

© 2022 Varnum LLPNational Law Review, Volume X, Number 283
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About this Author

Mary Kay Shaver, public/private Corporate finance attorney, Varnum
Partner

Mary Kay has a diverse practice focusing on public finance, corporate finance and creditors' rights issues. In the area of municipal finance, she advises clients on tax-exempt financing issues, establishing special taxing districts, election procedures and "blue sky" law issues, and acts as bond counsel, underwriter's counsel, bank's counsel and issuer's counsel in various tax-exempt and taxable bond transactions. These financings include general obligation (limited and unlimited tax) bonds, revenue bonds, capital improvement bonds, special assessment bonds, tax...

616/336-6755
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