Treasury, SBA Update PPP Loan Forgiveness Guidance and Recipient Disclosure

Last week, Treasury and the Small Business Administration (SBA) released loan forgiveness application and accompanying instructions. After feedback from loan recipients, the SBA published a subsequent forgiveness application in a shorter “EZ” format (the original form is here, instructions here, the EZ form here and EZ form instructions here). As always, NRMCA urges members to consult with their lenders and attorneys to ensure compliance with these programs. You can find more resources and guidance on the PPP program here.

In early June, President Trump signed the Paycheck Protection Program Flexibility Act into law, relaxing the 75/25 rule and extending the window for using Paycheck Protection Program (PPP) loan funds. While NRMCA believes additional reforms are necessary and continues to advocate for additional reforms, including clarity on retroactive forgiveness rules and tax deductible expenses, this legislation will provide some needed flexibility for NRMCA members who have received PPP loans.

On Friday, Treasury and the Small Business Administration, in response to pressure from Congress, announced that they would make public the names, identifying data and loan amount ranges for PPP loan recipients. The disclosure will include business names, ZIP codes, business type, demographic data, jobs supported and more.

For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.