By Patrick Neale & Associates
The SBA has issued additional guidance on Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) forgiveness in the form of FAQs (Frequently Asked Questions). The FAQs also address the impact EIDL advance payments have on PPP loan forgiveness, as well as questions regarding what to do about the PPP loan amount that is not forgiven.
It is important to note that there are still pending legislative measures, executive actions and regulatory changes that may impact these FAQs in the future.
This continues to be a very complicated situation. We strongly recommend that borrowers consult with their accountants and attorneys before submitting a PPP forgiveness application.
Please feel free to contact Patrick Neale & Associates with your questions at 239-642-1485 or firstname.lastname@example.org.