SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. 

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The 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

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic.  The documents released today will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans.

Click here to view the application and instructions.

###

Robb Mayberry

Robb Mayberry is a Public Information Officer for the California Governor’s Office of Emergency Services. He has assisted in the response and recovery efforts with some of California’s worst disasters, including the San Refugio Oil Spill, the Valley and Butte Wildfires, Aliso Canyon Gas Leak, Erskine Fire, the Winter Storms of 2017, the Tubbs Fire, the Thomas Fire, the Carr Fire, the Camp Fire, and the Ridgecrest Earthquake. Prior to public service, he spent 25 years managing the public and media relations for some of Northern California’s largest healthcare organizations.

One thought on “SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

  • August 23, 2020 at 8:59 pm
    Permalink

    Good evening,

    My name is Evelyn Cruz-Macawile, my 32 beds assisted living property is newly renovated. I am not license yet to operate as RCFE but I have RCFE Administrator Certificate (#6051634740). I would like you to know if your organization needed an emergency shelter/place/facility for Coronavirus patients based on May 4, 2020 news published by Mercury News or for the Fire victims, my property is available immediately to accommodate or admit anyone. Thank you and looking forward to speak or meet up with you.

    Here is my info:
    Property Owner: Evelyn Cruz-Macawile
    Cell Phone No: (510) 825-6614
    Email Add: kiernanvillemanor@gmail.com
    Property Address: 5412 Kiernan Avenue, Salida, CA 95368
    Capacity: 32 beds

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: