The Small Business Administration today released a new set of frequently asked questions regarding the forgiveness of Paycheck Protection Program loans. The document includes sections addressing general questions on loan forgiveness, questions related to forgiveness of payroll and non-payroll costs and questions on forgiveness reductions.
“Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department of the Treasury, of the CARES Act, the Flexibility Act, and the Paycheck Protection Program Interim Final Rules,” SBA said.
As of July 31, a total of 5.08 million PPP loans were made totaling $521.4 billion, SBA reported in a new data release. Forty-four percent of PPP loans were made by lenders with less than $10 billion in assets. Firms between $10 billion and $50 billion accounted for 19% of overall PPP lending, while firms with more than $50 billion in assets accounted for 36%. The overall average loan size was $103,000.
