The Small Business Administration issues and interim final rule on PPP loan forgiveness, based on recently enacted changes for interest on loans.
RFD-TV’s Janet Adkison speaks with ag CPA Paul Neiffer on whether interest would be forgiven and how much compensation owner-employees can actually claim. He states, “We thought all along that this was going to happen, it was nice to get confirmation...when a producer files for forgiveness, the bank is going to review it, and pass it on to the SBA and once the SBA makes the final decision on how much is forgiven...so in that case the interest will be forgiven.”