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SBA Issued Their PPP Loan Forgiveness Application

The U.S. Small Business Administration (SBA) has released its Paycheck Protection Program (PPP) Loan Forgiveness Application. Although banks will probably have their own version of this, the SBA application is very helpful to loan recipients. The application resolves several issues, such as the method of accounting allowed, the correlation between the eight-week covered period and employers’ various payroll periods, some of the documentation which will be required and record retention rules.

Guidance is still needed in some areas, such as the definition of ‘Transportation,” but this application, when used in conjunction with SBA’s affiliation rules under 13 CFR 120 RIN 3245-AH36, will answer most questions relating to the calculation of forgivable amounts under this program.

https://www.sba.gov/document/sba-form--paycheck-protection-program-loan-forgiveness-application

https://home.treasury.gov/system/files/136/Interim-Final-Rule-Additional-Eligibility-Criteria-and-Requirements-for-Certain-Pledges-of-Loans.pdf

 

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