To embed, copy and paste the code into your website or blog: On January 19, SBA issued an interim final rule governing forgiveness of Paycheck Protection Program loans and also issued new versions of the three forgiveness application forms, including a streamlined form for loans up to $150,000. The changes apply to the many original PPP loans that have not yet filed for forgiveness, as well as the new first draw and second draw PPP loans created by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Economic Aid Act) that became effective on December 27, 2020. 1 The forgiveness rule incorporates and restates seven prior rules on forgiveness. The forgiveness rule is to be interpreted consistently with SBA’s previously issued FAQs, except as superseded by the Economic Aid Act, and with the first draw and second draw rules.