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SBA Publishes Loan Forgiveness Application for Paycheck Protection Program

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On May 15, the Small Business Administration (SBA) published its long-awaited Loan Forgiveness Application and Instructions for Borrowers (Application). The Application clarified certain forgiveness rules and calculations for the Paycheck Protection Program, although there remain several open issues that we expect the SBA to continue to clarify through an additional Interim Final Rule and FAQs. Click here for a summary of the updated forgiveness rules as set forth in the Application.