On Friday, the SBA released an application form for PPP loan forgiveness, along with instructions for completing the form. More specifically, this 11-page document contains the following:
- Instructions for completing the application
- A summary of costs eligible for forgiveness
- A PPP loan forgiveness calculation form
- Representations on behalf of the borrower
- Full-time equivalent calculation forms
- Document submission checklists
Despite the clarity this application provides regarding the forgiveness process, several large issues remain unaddressed. Given the additional relief efforts presently being legislated, we expect additional guidance to be provided within the week. We will keep you apprised of these changes as they evolve.