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PPP Update – New Forgiveness Options & Appeals Deferment
Alert
Published: Aug 02, 2021
On July 28, 2021, the U.S. Small Business Administration released an interim final rule detailing two additional methods for borrowers with Paycheck Protection Program (PPP) loans under $150,000 to apply for forgiveness of the loan and a provision that would continue deferral of payments while a PPP loan forgiveness decision is under appeal by the borrower. These provisions are effective immediately; however, additional guidance is needed to make these changes operational. This article provides details on the provisions.
