PPP Loan Forgiveness Application Available
The SBA and Treasury Department have issued a Paycheck Protection Program (PPP) Loan Forgiveness Application. Detailed instructions are available with the application, and the SBA intends to issue regulations and guidance to further assist borrowers soon.
The application and instructions, which are designed to reduce the compliance burdens and simplify the process for borrowers, include:
• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving the PPP loan
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
PPP Resources
SBA: Paycheck Protection Program Loans Frequently Asked Questions