The Small Business Administration updated their Paycheck Protection Program and Forgiveness related FAQ documents on August 11, 2020. They also published an interim final rule (IFR) related to the appeal certain SBA loan review decisions. We are reviewing the new IFR and will provide an overview of the content soon.
The forgiveness FAQ responses provide long clarity regarding the impact on forgiveness of Economic Injury Disaster Loan (EIDL) grant advances.
Per the updated FAQ, lenders will be able to confirm the amount of a borrower’s EIDL advance on the SBA Forgiveness platform and the SBA will automatically deduct the amount from the forgiveness amount submitted by the borrower. … Read More