New SBA Forgiveness IFR – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs

On August 24, 2020, the U.S. Small Business Administration (SBA) issued a new Interim Final Rule (IFR) to provide additional guidance concerning the ownership percentage that triggers the applicability of the owner compensation rule for forgiveness purposes and limitations on the eligibility of certain nonpayroll costs for forgiveness. This IFR clarifies the reporting of certain […]