Paycheck Protection Program and Provider Relief Fund Updates

May 19, 2020 

  • Last week, the Small Business Administration issued an Interim Final Rule allowing lenders to make additional Paycheck Protection Program loan payments to partnerships that did not include partner compensation in their original loan application.  Partnerships that obtained a loan that excluded compensation for partners may submit a request via their lender to increase the PPP loan amount to include appropriate partner compensation, even if the loan has been fully disbursed.
  • HHS has updated their FAQ page for the $20 billion Provider Relief Fund distribution. Providers seeking grant monies from the second tranche of $20 billion must sign an attestation and agree to the terms and conditions related to the distribution.
  • The Treasury Department and the Small Business Administration have released a loan forgiveness application for the Paycheck Protection Program. The application has four components:
    1. the PPP Loan Forgiveness Calculation Form
    2. PPP Schedule A
    3. the PPP Schedule A Worksheet
    4. PPP Borrower Demographic Information Form (optional).

    Borrowers are required to submit items (1) and (2) to their lender. Borrowers may also complete the application electronically through their lender.