Payroll Protection Loans under the CARES Act: Clarifications on Loan Forgiveness and the SBA’s Review Process
By Caitlin B. Houlton Kuntz, Wendy A. Lisman and Erin M. Byom
On May 22, 2020, the SBA and Treasury Department issued additional guidance on two significant aspects of the Paycheck Protection Program (PPP): first, the loan forgiveness requirements and, second, the SBA’s review process and the related borrower and lender responsibilities.