The Small Business Administration (SBA), along with the Department of Treasury, has released the application to request forgiveness of the Paycheck Protection Program (PPP) loans. The detailed instructions included with the application also helps to provide much needed guidance on how to calculate and provide the support needed for loan forgiveness. The instructions explain several options available to simplify the process including, but not limited to:

• Options to calculate payroll costs using an alternative payroll covered period to better align with the borrower’s payroll cycles
• Flexibility to include eligible expenses paid or incurred during the eight-week period after receiving the PPP funds
• Step-by-step instructions to perform the calculations required to confirm loan forgiveness eligibility

We will be releasing additional blogs over the coming weeks on specific topics in the instructions that will be helpful to you in calculating the loan forgiveness. The application can also be viewed on the SBA website at:

https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf