It took nearly six weeks, but lenders and borrowers finally got some clarity from the Treasury Department and Small Business Administration (SBA) on how they would go about the loan forgiveness process in the Paycheck Protection Program (PPP).
Three days after SBA published the application form for loan forgiveness, the agencies issued a pair of interim final rules with more detailed guidance for lenders and borrowers.
Read on for more details, including how SBA could clawback processing fees for up to a year after a PPP loan has been forgiven.