5/23 PPP forgiveness and Summer Meeting update

Good Morning, 

It looks like we now have the final guidance on PPP Loan Forgiveness from the Department of the Treasury.   These links will take you to each piece of guidance we have received over the last 3 days as this thing has evolved. 

• Interim Final Rule on Loan Forgiveness (5/22/20)

• Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (5/22/20)

Additional Guidance on PPP Loans:

• Lender Processing Fee Payment and 1502 Reporting Process (Effective 5/21/20)

• Interim Final Rule on Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting (5/20/20)

• FAQ (Last Updated 5/19/20)

In other news, although I haven’t sent out the invite yet, we will be holding our Summer Meeting via Zoom on June 19th at 1 PM.   The first part of the meeting will be a review of Chapter Administrative Business as is typical during a Board Meeting, but we will finish with an open discussion on best practices on several subjects related to operations in our current environment.  

Have a wonderful holiday weekend everyone.

As always, please stay safe and call if you have any questions.

-Ted