The SBA and the Treasury have released the loan forgiveness application for the Paycheck Protection Program (PPP). According to the press release from the SBA and the Treasury, they will also be issuing additional guidance to further assist borrowers and provide guidance to lenders.
The form includes:
- 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.
- 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.
To view the loan forgiveness application, click here: PPP Loan Forgiveness Application
Paycheck Protection Program Loan Forgiveness Application Webinar
BSSF will be hosting a webinar on Thursday, May 28, 2020 from 10:00 AM – 11:30 AM on the PPP loan forgiveness application. There will be a presentation followed by questions.
To register for the webinar, click here: PPP Loan Forgiveness Application Webinar