When borrowers applied for Paycheck Protection Program (PPP) loans, they had a general idea of the permitted use of these funds, but were also eager to gain a clearer understanding of the associated final forgiveness guidelines. With many of these companies at or close to the halfway point of the eight-week covered period, they were understandably concerned with not timely meeting forgiveness guidelines.
Finally, on May 15, 2020, the Small Business Administration (SBA), released the “Paycheck Protection Program Loan Forgiveness Application" (Forgiveness Application) to borrowers and lenders. The application and instructions can be found
here
.
The whitepaper below provides answers to the following:
- How Will My PPP Loan be Forgiven?
- What Allowable Costs can be Used for Loan Forgiveness?
- Can My Loan Forgiveness be Reduced?
- What Should I be Doing to Maximize My Loan Forgiveness Amount?
