Cozen O'Connor - On July 23, the Small Business Administration issued a procedural notice to lenders participating in the Paycheck Protection Program concerning PPP loan forgiveness, to announce that SBA will begin accepting forgiveness applications from lenders on August 10. The SBA released the current versions of the forgiveness applications (SBA Form 3508 and Form 3508EZ) in June. Before the procedural notice, the agency had not said when forgiveness applications would be accepted or how lenders could transmit applications to the SBA for processing. Other than filling in these procedural gaps, the notice is generally consistent with previous SBA guidance, which has been discussed in prior Cozen O’Connor alerts. Here are the highlights.
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SBA to Begin Accepting PPP Forgiveness Applications on August 10
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