The SBA released new guidance on June 22nd regarding PPP loan forgiveness. A Paycheck Protection Program (PPP) Interim Final Rule (IFR) on Revisions to Loan Forgiveness and SBA Loan Review Procedures was issued. This IFR incorporates the changes made by the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) into the existing PPP guidance. It clarifies some existing guidance and provides meaningful new guidance regarding the filing date of the Loan Forgiveness Application, Forms 3508 and 3508EZ (Applications). 

• For further information and clarification, please see this informative article from PKF O'Connor Davies.