The Small Business Administration has issued several updated forms for Paycheck Protection Program borrowers and lenders, reflecting changes announced in an interim final rule earlier this week. The changes were included in the American Rescue Plan law that was enacted earlier this month.
Among other things, the IFR changed the interplay between the Shuttered Venue Operator Grant Program and the PPP. It also addressed the types of businesses eligible to receive first-draw PPP loans, and the eligibility of electric cooperatives and telephone companies. It also provided additional details on the types of payroll costs that are not eligible for loan forgiveness.
The updated forms include:
- An updated PPP loan guaranty application for lenders.
- An updated second-draw lender application form.
- An updated first-draw PPP loan application form.
- An updated second-draw PPP loan application form.
- An updated first-draw PPP borrower application for Schedule C filers using gross income.
- An updated second-draw borrower application for Schedule C filers using gross income.