The SBA and US Treasury released the Loan Forgiveness Form on Friday, May 15, 2020.
It is 11 pages and more complicated than everyone originally anticipated.
This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to their Lender.
To download the complete 11-page form, Click on the link below.
We are available to help, if you would like assistance completing the application.
Please reach out to us at: TeresaM@Tx-CPA.com , so that we can schedule a time to discuss your specific situation, needs and any fees associated with application completion.
We strongly recommend that you begin to familiarize yourself with the forms & instructions, as we get closer to the end of the 8-week covered period and get ready for Loan Forgiveness.
The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
Options for borrowers to calculate payroll costs using an Alternative Payroll Covered Period* that aligns with borrowers’ regular payroll cycles.
Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
*Alternative Payroll Covered Period
The Alternative Payroll Covered Period – which allows you to start your 8-week period on the day of first payroll after PPP funds were deposited to your acct.