The Treasury Department’s press release points out that the SBA will soon issue additional regulations and guidance to assist borrowers and lenders as they initiate the loan forgiveness process.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
We recommend that PPP loan borrowers should organize their documentation to support the Loan Forgiveness Application. Document payments of PPP loan amounts, to payroll costs and other qualifying expenses. In addition, loan recipients should continue to become familiar with the SBA’s interim final rules and frequently asked questions, especially concerning forgiveness, as released. As noted above, the SBA will be issuing additional guidance and regulations regarding PPP forgiveness and we expect the application process to evolve.
If you need help or assistance regarding PPP forgiveness, please contact one of our professions at RVG & Company.
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