Many borrowers counted on forgiveness when they applied for PPP loans earlier this year. The revised program enables more borrowers to achieve maximum forgiveness. However, with the Small Business Administration (SBA) releasing the names of PPP loan recipients over $150,000 and promising to audit all loans over $2 million seeking loan forgiveness — the stakes for non-compliance are high.
The Paycheck Protection Program (PPP) Flexibility Act, signed into law on June 5, 2020, expands the possibility of loan forgiveness to small business borrowers. However, the forgiveness application adds complexities and provides a roadblock for many small businesses.