SBA Issues Interim Final Rules (IFRs) on the Paycheck Protection Program (PPP) Loan Forgiveness Process & Announces $511 Billion in Approved PPP Loans
SBA issued an IFR outlining the PPP loan forgiveness process for lenders, the process for borrowers to apply for loan forgiveness, and the types of costs that are eligible for loan forgiveness. SBA issued a separate IFR regarding how SBA may audit PPP loans, including their forgiveness, and the loan forgiveness process for lenders. SBA also announced that PPP has approved over $511 billion across 4.4 million PPP loans through May 23, inclusive of funding authorized through both the CARES and PPPHCE Acts. This leaves approximately $159 billion remaining until the funding authorized by the PPPHCE Act is exhausted.