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Posted on June 16, 2020

The SBA and Treasury issued more clarification about the Paycheck Protection Program (“PPP”), and what happens if a borrower does not spend at least 60% of their PPP loan on payroll costs. The additional Interim Final Rules state that PPP borrowers may still be eligible to have a portion of their loan forgiven, and the Rules include the formula to calculate the forgivable amount based on loan amount, payroll costs and other PPP loan specified costs. Find out more about these most recent updates to the the Paycheck Protection Program Flexibility Act in this article.