T he historic Paycheck Protection Program has been a lifeline for small businesses across America throughout the COVID-19 pandemic. In late March, the Small Business Administration reported more than 8 million loans have been issued to small businesses, totaling more than $700 billion. However, like all loans, PPP loans are beginning to come due, and lenders now must navigate the ever-evolving labyrinth of loan forgiveness rules in order to stay in compliance.
The Consumer Financial Protection Bureau and the SBA jointly issued an interim final rule amended to reflect the rules established by the passage of the Economic Aid Act on December 27. Continue reading Next, review the borrower’s submitted loan forgiveness application and supporting documentation for completeness