New Paycheck Protection Loan Rules Provide Some Answers
Questions about employee bonuses, payments made to owner employees and the Small Business Administration’s (SBA) authority
to audit Paycheck Protection Program loans (PPP) were answered just before the long Memorial Day weekend. Late on Friday evening,
May 22, exactly one week after the SBA released its much anticipated PPP Forgiveness Application, the SBA and the U.S. Department of the Treasury issued two interim final rules (IFR) addressing some of the lingering issues with respect to PPP loan forgiveness.