On Friday, May 15th, the SBA released the PPP Loan Forgiveness Application which has provided some much needed guidance on the loan. Although there are still many questions, the released application does provide some instructions for borrowers.
The SBA is planning on releasing more guidance and regulations soon to help borrowers navigate the forgiveness process. We will continue to monitor any new releases.
The application clarifies some measures that were previously in question:
- Covered periods – this will provide more flexibility for employers with bi-weekly payroll periods
- Eligible Payroll Costs
- Eligible Non-payroll Costs
- Eligible Payroll Costs to owners
- Calculation of Full Time Equivalents and Salary/Hourly Wage Reduction
PPP Loan Forgiveness Application
Please contact us at [email protected] for additional help.
We also suggest you contact your bank with any questions.