Paycheck Protection Program Loan Forgiveness Application Released

The US Small Business Association released a form for the Paycheck Protection Program (PPP) loan forgiveness. The new form includes instructions on how small businesses can apply for forgiveness for their PPP loans. The SBA also plans to issue more guidance and regulations for borrowers and lenders soon.

tax planning accountantThe form is meant to simplify the loan forgiveness process for small businesses. It includes:

  • Instructions on how to perform the calculations to confirm eligibility for loan forgiveness
  • Options to calculate payroll costs that aligns with the borrowers’ payroll cycle
  • The ability to include both eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving the PPP loan
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • A new exemption from the loan forgiveness reduction for businesses who have made a good-faith, written offer to rehire workers that was declined

View the Paycheck Protection Program loan forgiveness application here.

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