Paycheck Protection Program Loan Forgiveness Application & Webinar

On Thursday, May 28, 2020 from 10:00 AM – 11:30 AM on the PPP loan forgiveness application. To view the webinar and presentation slide deck, please fill out the form below.

Paycheck Protection Loan Forgiveness Application

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

 

Disclaimer: This information is intended to provide general information on legislative COVID-19 relief measures as of the updated date above and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there will be additional guidance and clarification from regulators that may modify some of the information supplied. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.