Today, the Small Business Administration (SBA) and Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application. These documents will assist small businesses in seeking forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, borrowers must complete the application as instructed, and submit it to their lender (or the lender that is servicing their loan). Borrowers may also complete the application electronically through their lender.
SBA indicated that it will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
According to the SBA, the form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- 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 their 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
Click here to view the application and instructions.
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