22 May SBA Released Paycheck Protection Program Loan Forgiveness Application
Early recipients of the Paycheck Protection Program (PPP) are now at the half way point of the 8 week use of funds period. The SBA has just released its first version of the Paycheck Protection Program Loan Forgiveness Application. The application includes some needed clarifications, such as the definition of a Full Time Equivalent (FTE) and gives an alternative covered payroll period for administrative convenience for biweekly payrolls. The application also explains which documents must be provided with the application for forgiveness and which the borrower must retain in its records for six years.
Visit the SBA.Gov site to download the PPP Loan Forgiveness Application. https://www.sba.gov/document/sba-form–paycheck-protection-program-loan-forgiveness-application