SBA Releases PPP Loan Forgiveness Application and Detailed Instructions
The SBA, in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers including:
The documents released May 15 will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
U.S. Treasury Website: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses