Paycheck Protection Program (“PPP”) Loan Forgiveness Update

The U.S. Small Business Administration (“SBA”) began approving PPP loan forgiveness applications in October. On October 8, SBA released a simpler loan forgiveness application for businesses that received PPP loans of $50,000 or less, streamlining the process for many. However, questions remain and developments continue—prompting most businesses to waita bit longer before filing for forgiveness. For instance, will states tax PPP loan forgiveness? How will SBA’s updated guidance, e.g., on rent or lease payments to “related parties,” affect your loan forgiveness? Stay tuned.