Paycheck Protection Program Loan Forgiveness Application

May 20, 2020

© Andrey Popov | Dreamstime

Business owners, the loan forgiveness application for the federal government’s Paycheck Protection Program is finally here. The small business incentive program to keep their workers on the payroll during the onset of stay at home orders had a provision that the Small Business Administration (SBA) would forgive the loan debt if all employees were kept on the payroll for eight weeks. However there was little guidance on the SBA website on how that loan could be forgiven, until now. Fair warning that the application is 11 pages long and complicated (schedules! calculation forms! worksheets!), including a table to calculate which parts of the loan are eligible to be forgiven (bad news: not all of it). Borrowers must complete the application and submit it to their lenders; some lenders may have online versions of the application. Added to the mix is a promise of “regulations and guidance to further assist borrowers” to follow on the web site but so far there is none. You will have until October 31, 2020 to file for loan forgiveness. CLICK HERE for the application.

SOURCE: Fast Company

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