New Updates: White Paper on Paycheck Protection Program Forgiveness

July 10, 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.

Since publication of McGuireWoods’ May 29 white paper on PPP forgiveness, new statutory revisions have been enacted and the Small Business Administration released a significant volume of updated guidance on the process for borrowers to seek full or partial forgiveness.

For a detailed summary of this guidance — which includes SBA’s most recent changes, organized into a helpful Q&A format for borrowers and lenders — download this updated McGuireWoods white paper.