The Small Business Administration (SBA), in consultation with the Department of the Treasury,
is providing this guidance to address borrower and lender questions concerning forgiveness of
Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus
Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection
Program Flexibility Act (Flexibility Act).
Borrowers and lenders may rely on the guidance provided in this document as SBA’s
interpretation, in consultation with the Department of the Treasury, of the CARES Act, the
Flexibility Act, and the Paycheck Protection Program Interim Final Rules (“PPP Interim Final