The Paycheck Protection Program Flexibility Act of 2020 (the PPP Flexibility Act) was signed into law on June 5, 2020.
In response to the PPP Flexibility Act, the Small Business Administration (the SBA) provided two revised PPP Loan Forgiveness Applications (the Forgiveness Applications) on June 16, 2020, which implement the terms of the PPP Flexibility Act and contain novel guidance on applying for PPP loan forgiveness. The SBA has also provided additional guidance on PPP loans and loan forgiveness in the form of various Interim Final Rules (the IFRs) which have been posted by the SBA to its website.
This update to the FAQ reflects the regulations implemented, and the changes made, to the PPP, especially with respect to PPP loan forgiveness, by each of the PPP Flexibility Act, the Forgiveness Applications and the IFRs.