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Focus Area: Coronavirus/COVID-19

U.S. Treasury Department Releases Updated FAQ on the Paycheck Protection Program (PPP)

Today, April 8, 2020, the U.S. Treasury Department released an updated FAQ that addresses questions that lenders have regarding documenting, closing, and funding loans under the Paycheck Protection Program. That FAQ can be accessed by clicking here. In particular, the FAQs provide:

  1. That lender may use their own promissory note or an SBA form of promissory note (Answer 19);
  2. That the amount of the forgiveness depends on the borrower’s payroll for the eight-week forgiveness period that begins on the date the lender makes the first disbursement of the PPP loan to the borrower. Lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval (Answer 20).

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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