The Small Business Administration (SBA) updated its forgiveness guidelines for small business owners who received loans through the Paycheck Protection Program (PPP). There are great financial rewards to obtaining full forgiveness of the PPP loans that sustained your practice during the lockdown. Borrowers are able to submit an application for PPP loan forgiveness at any point after they have spent the entire amount of their loan. There is one caveat: If the borrower does not apply for PPP loan forgiveness within 10 months after the last day of the covered period, then the loan will no longer be deferred, and the borrower must begin making payments.This feature from Review of Optometric Business outlines the most recent updates to the rules you need to follow to increase the likelihood of loan forgiveness. Read More