By Joe Bailey, Teri A. Lindquist, Wendy L. Moore, Andrew (Andy) Smetana and Sean M. Apfelbaum

After putting much emphasis on eligibility requirements for PPP loans, the SBA has now turned its attention to the requirements for loan forgiveness.  On Friday night, the SBA released a PPP loan forgiveness application. The application form provides answers to many of the questions left unanswered by the CARES Act and will help businesses that received a PPP loan better plan for how to use the loan proceeds in a way that maximizes their eligibility for forgiveness. Although no formal rule-making has been issued on this topic, the application form provides a preview of what is to come in the next wave of PPP loan questions.  This Perkins Coie summary is intended to help clients as they think through the impacts of the loan forgiveness application.  Read More