Relief Loan Guidance Addresses Major Concern for Borrowers (1)

New regulations issued Wednesday by the U.S. government ease concerns for small businesses trying to use pandemic loans and have them fully forgiven, but some timing issues remain to be addressed.

Treasury and the Small Business Administration released two versions of the Paycheck Protection Program (PPP) forgiveness form, including a shorter, simplified version that requires fewer calculations and less documentation. The forms reflect congressional changes to the loan program, including an extended 24-week covered period.

Before the rules were released, it was unclear if a business that was approved to use a loan in eight weeks would have to wait ...