On April 6, the Treasury Department released a new FAQ document concerning the implementation of the Paycheck Protection Program (PPP).
The additional guidance from the Small Business Association, in consultation with Treasury, addresses questions from borrowers and lenders about the PPP, established under the CARES Act.
The U.S. government will not challenge lender PPP actions that conform to the guidance and to the PPP Interim Final Rule and any subsequent rule-making in effect at the time.
The Treasury will update this FAQ document on a regular basis.
Shortly after its release, the AICPA applauded the Treasury’s additional PPP clarity.