Latest updates to the Payroll Protection Program and loan forgiveness

Since the SBA implemented the Payroll Protection Program (PPP) in April, many small businesses have obtained loans under this program. The PPP closed on Aug. 8, 2020 with over 5.2 million loans approved for a total of $525 billion. Over the course of the summer, Congress and the SBA have made further changes to the PPP and issued additional guidance on the loan forgiveness process. Congress passed the Paycheck Protection Program Flexibility Act on June 5, 2020 which made several substantial changes…