On Friday evening, the Treasury Department released its initial draft of the
Paycheck Protection Program Loan Forgiveness Application
, which can be accessed by clicking
here
. This is an 11-page, detailed application which provides the proper mechanics for computing the portion of your PPP loan that can be forgiven. We recommend that you review the application to become familiar with what is involved in the process.
We expect that the Treasury Department will be providing additional guidance on various components of the forgiveness computation that remain unclear. We will pass along more detailed guidance for you soon. We are also preparing a detailed worksheet that can aid you with preparation of the application that will need to be submitted to your bank after your 8-week covered period has elapsed.
In the meantime, if you have any questions, feel free to contact us, as always.
