One week after issuing a Loan Forgiveness Application and step-by-step borrower instructions, the Small Business Administration (SBA) released two interim final rules (IFRs) on the Paycheck Protection Program (PPP) loan forgiveness requirements and roles and responsibilities of borrowers and lenders. The IFRs cover the process for loan forgiveness and supplement previous guidance and regulations related to loan forgiveness, some of which include new information and likely raise more questions. The IFRs are effective immediately.

Here, we provide a breakdown of the SBA’s latest changes to the PPP and describe what’s next for the general forgiveness process.