SBA looks at ‘totality’ of borrower’s circumstances when determining need

The Small Business Administration has provided more clarity on the information requested of some PPP loan borrowers in a Loan Necessity Questionnaire. The SBA released this month PPP FAQ 53, which clarifies that the information provided on the questionnaire will help the SBA assess whether PPP loan borrowers’ certification – as required by the CARES […]

Congress passes Paycheck Protection Flexibility Act

Changes are now underway for the Paycheck Protection Program, altering criteria for business owners to be eligible for loan forgiveness. The Paycheck Protection Flexibility Act makes a number of retroactive improvements to the PPP forgiveness criteria, including extending the time borrowers have to spend the funds, increasing the percentage of loan funds allowed to be […]