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Payroll Protection Program Loan Forgiveness Application

Complete the Paycheck Protection Program Loan Forgiveness Application and instructions.

The Small Business Administration and Treasury Department released the Paycheck Protection Program Loan Forgiveness Application and instructions.

The application form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. The SBA also said it will also soon issue regulations and guidance to help borrowers complete their applications and inform lenders of their responsibilities.

The form and instructions include:

  • 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 borrowers received their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Statutory exemptions from loan forgiveness reduction based on rehiring by June 30, 2020.
  • The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.

 

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