COVID-19: Next Steps for PPP Borrowers – Navigating the Loan Forgiveness Process and Mitigating Enforcement Risk | Insights

Borrowers that obtained loans under the SBA’s Paycheck Protection Program (“PPP”)—and chose to keep them—will soon progress to a new phase of the lending process. In the coming weeks, they will work through loan forgiveness requests with their lenders and, in some cases, eligibility audits by the SBA. Please join Mayer Brown partners Eric Mitzenmacher and Andrew Kugler and counsel Joanna Nicholas as they discuss key aspects of the PPP forgiveness process and best practices for mitigating risk and operational burdens during SBA audits. Participants will learn about:

PPP forgiveness standards,
The forgiveness application and material certifications,
Ways to best position themselves for a smooth audit process, and
Changes to the program that Congress is considering to provide more flexibility to borrowers, including an extension of the eight-week “covered period” and easing of restrictions on non-payroll expenses.

Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.