PPP Loan Forgiveness SBA Guidance
The US Small Business Administration has released its official Paycheck Protection Program (PPP) Loan Forgiveness Application Form and Instructions. Businesses who receive a PPP loan must submit the forgiveness application through their lender so that the loan effectively becomes a grant.
Links for their guidance as well as the application are below.
This simplified process includes options for borrowers to calculate payroll
costs; flexibility to include eligible payroll/non-payroll expenses; and step-by-step instructions.
The PPP was implemented through the CARES Act to distribute forgivable loans to eligible small businesses who could keep American workers paid during the pandemic.
