Hot questions about the Paycheck Protection Program (PPP) are now honing in on forgiveness. A little over a week ago, the Small Business Administration (SBA) issued a forgiveness application form. Last week they issued two more Interim Final Rules (IFRs) associated with the forgiveness process for both the borrower and the lender. The Department of Defense (DOD) has issued draft guidance on Section 3610 requests for equitable adjustment with requirements to offset any amounts requested for reimbursement with amounts forgiven. And the changes continue to be dynamic, as Congress is proposing legislation that could provide more flexibility to borrowers on how PPP proceeds can be used.
Please join Bill Walter of Dixon Hughes Goodman and Cy Alba and David Shafer of PilieroMazza as they untangle the current guidance on forgiveness with a focus on how it will impact government contractors.
They will discuss the following topics:
- DOD’s draft guidance on Section 3610;
- New legislation;
- SBA Form 3508 – Loan Forgiveness Application;
- IFR 14 – Loan Forgiveness; and
- IFR 15 – Loan Review Procedures