Paycheck Protection Program (PPP) Loan Forgiveness Application Released
In consultation with the Department of the Treasury, the Small Business Administration (SBA) released the PPP Loan Forgiveness Application and detailed instructions for the process of applying for forgiveness under the CARES Act.
The SBA also released an interim final rule so borrowers and lenders are knowledgeable of requirements governing the forgiveness of PPP loans. That guidance can be found HERE.
In this guidance the SBA clarified that they may review the following information from your application:
Additional guidance included:
The guidance however did not address:
*These issues are focal points for many pieces of legislation currently being considered in Congress.
Under these new procedures, you must request the forgiveness of PPP loan proceeds by filing SBA Form 3508. This application contains four components:
*As a borrower, you are required to submit items (1) and (2) to your lender.
This document will help you and your small business seek forgiveness upon the conclusion of the eight week covered period under the CARES Act, which begins upon distribution of the loan.