Additional PPP guidance, forgiveness applications released

This week, the Small Business Administration (SBA) and Department of Treasury released several items of guidance on Paycheck Protection Program (PPP) loans:

•  An updated interim final rule on loan forgiveness, to account for changes to the PPP made by the Consolidated Appropriations Act, 2021 (CAA)
• Two sets of frequently asked questions (FAQ) about how to calculate the maximum loans available under the first- and second-draw programs, how to calculate the 25% revenue reduction required for eligibility for the latter, and what documentation is needed to be submitted with the loan applications
• Updated loan forgiveness applications:
  – Form 3508S (for use by borrowers of loans of $150,000 or less)
  – Form 3508EZ (for use by borrowers who maintained specified levels of employee salaries and headcounts)
  – Form 3508 (for use by borrowers ineligible to use the above forms)

Links to the documents are included above and a summary of their contents follows below. We will continue to analyze this guidance and issue additional communications as appropriate.