Treasury, SBA fall short of employers’ goals in new small business loan rules

Politico (USA) | May 23, 2020 at 12:28 PM
  • The Trump administration released long-awaited rules on how government-backed small business loans can be forgiven, but they fall far short of what employers and lawmakers are demanding for the popular program.
  • The administration released two new rules specifying what qualifies as payroll expenses and detailing limits on the amount of loan forgiveness available for owner-employees.
  • The other outlined lenders’ responsibilities in the forgiveness process and SBA’s procedures for reviewing loans to determine borrower eligibility.