Tax & AccountingAugust 12, 2020

PPP – Update 8/12

PPP – Update 8/12

The Small Business Association issued a new PPP Interim Final Rule late evening 8/11. Appeal of SBA Loan Review Decision Under the Paycheck Protection Program. https://home.treasury.gov/system/files/136/PPP-IFR-Appeals-of-SBA-Loan-Review-Decisions-Under-the-PPP.pdf

Note: “An appeal petition must be filed with OHA within 30 calendar days after (i) the appellant’s receipt of the final SBA loan review decision, or (ii) notification by the lender of the final SBA loan review decision, whichever is earlier.”

In addition, 3 new EIDL loan forgiveness FAQs were added yesterday. Note that Question 2 applies to #PPP loans without EIDL. https://home.treasury.gov/system/files/136/PPP–Loan-Forgiveness-FAQs.pdf

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Mark Friedlich
Author at Tax & Accounting
Mark Friedlich, a CPA & tax lawyer, is the principal international & corporate indirect taxation analyst for Wolters Kluwer Tax & Accounting. He is a member of the U.S. Senate Finance Committee’s Chief Tax Counsel’s Advisory Board, advisor to 14 state taxing authorities, and a member of the American Bar Association’s Tax Section and AICPA’s Tax Section leadership teams. Prior to joining Wolters Kluwer he was a Managing Tax Partner at PricewaterhouseCoopers.