White Paper on Paycheck Protection Program Forgiveness

May 29, 2020

The CARES Act established the Paycheck Protection Program as a business loan program under the Small Business Act to provide liquidity to eligible businesses impacted by the coronavirus pandemic. A key feature of the program is that up to 100 percent of each loan may be forgiven if the loan proceeds were used for specified purposes, such as business-related payroll, mortgage, utilities, rent and other expenses.

Recently, the Small Business Administration released guidance on the process for borrowers to seek full or partial forgiveness. For a detailed breakdown of this guidance, organized into a helpful Q&A format for borrowers and lenders, download this new McGuireWoods white paper.

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