ARTICLE
A new interim final rule was posted last night: https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf We currently are reviewing the document. As far as we could tell, there wasn’t a lot of new information. We do think it answers one consistent question- which is if someone switches from the 8-week to 24-week covered period and they spend all of the money in week 10, they do not have to wait until the end of the 24-week covered period to apply for forgiveness. Before, it was very unclear and we couldn’t find “permission” for them to do that.
A new interim final rule was posted last night: https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf
We currently are reviewing the document. As far as we could tell, there wasn’t a lot of new information. We do think it answers one consistent question- which is if someone switches from the 8-week to 24-week covered period and they spend all of the money in week 10, they do not have to wait until the end of the 24-week covered period to apply for forgiveness. Before, it was very unclear and we couldn’t find “permission” for them to do that.