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PPP Loan Forgiveness Update – May 15, 2020

The Treasury has released an application for forgiveness of Paycheck Protection Program loans. For the latest guidance, resources and information on the PPP, including the Loan Forgiveness Application, the Treasury website can be found here. The SBA website can be found here.

 

Our goal is to keep you up to date as we await clear guidance from the Treasury. In the meantime, here’s what you need to know:

  • You don’t need to complete the application for forgiveness at this time. You should take time to review the application carefully and consider what questions you may have and what documents you will need (see page 10 of the application) when it is time to complete it.
  • We are reviewing the application as well and will continue to update you as we receive additional guidance and information.

We know there are many questions that you will have. We expect further guidance from the Treasury and SBA in the near future, and we will share details as we receive them.

 

Live Oak Bank cannot provide legal, tax or accounting advice. You should consult your own counsel, accountant and other advisors to evaluate your individual facts and circumstances in connection with PPP loans and the forgiveness process.