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SBA Loan Forgiveness Update 

June 2, 2020: The SBA released a debt forgiveness application with final rules regarding the forgiveness provisions for PPP loans just prior to the Memorial Day holiday. Understanding some businesses may have already reviewed and started preparing for debt forgiveness we wanted to inform you that debt forgiveness requirements may be modified by Congress.

The U.S. Congress has considered feedback from the banking and business communities and it appears there is strong support across Congress to alter the terms of the PPP loan program, including potentially relaxing the terms for forgiveness.

The House of Representatives already passed (on a vote of 417-1) an extension of the “covered period” of PPP loans from 8 to 24 weeks, greatly increasing the amount of time businesses can use the loan funds. In addition, the bill reduces the required percentage dedicated to payroll from 75% to 60%. This change would greatly improve the benefit to businesses whose payroll is a smaller percentage of overhead or who were unable to keep employees on payroll during the shutdown.

Senate discussions have outlined an extension of the covered period to 16 weeks, are considering more liberal definitions for eligible uses than the present guidelines, and potentially extending the repayment period for any non-forgiven loan balances. Since both Houses appear to be on the same track, there may be adjustments to the forgiveness provisions within the next few weeks and the proposed changes could significantly benefit many PPP borrowers.

Please remember: THESE ARE PROPOSED CHANGES ONLY AND HAVE NOT YET BEEN PASSED.

Badger Business Services will continue to monitor developments and changes to the PPP Forgiveness requirements. For the present, we suggest you continue to closely track and document your eligible expenses and expect that final expense documentation requirements will not materially change. Also, until any changes are passed and clearly communicated, it is advisable to continue attributing your PPP loan funds only to “eligible expenses” as previously designated.

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