Late on May 15, the SBA released its PPP Loan Forgiveness Application. View the application form and instructions here.
The U.S. Treasury also published some initial, limited commentary. Find the commentary here.
These documents provide certain guidance on options for calculation of payroll costs, instructions on performing required calculations under the CARES Act, among other information. The application form also provides a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.
Please join us Monday, May 18, at 4:00 p.m. EDT for a complimentary webinar on the PPP forgiveness process, associated tax benefits, risk assessment, and civil and criminal enforcement. View the webinar invitation here.
For more information and updates on the developing situation, visit GT’s Health Emergency Preparedness Task Force: Coronavirus Disease 2019 or GT’s COVID-19 Economic Stimulus Team.