SBA Provides PPP Loan Forgiveness Application and Instructions

SBA Provides PPP Loan Forgiveness Application & Instructions

May 20, 2020

Although loan forgiveness is one of the key features of the Paycheck Protection Program, guidance on forgiveness eligibility and information on how to seek forgiveness has been vague. On Friday, May 15, 2020 we received some clarity when the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. Click here to view the application and instructions.

While the application and instructions for forgiveness do provide clarification on certain matters, there are still many questions that remain. The Treasury Department has issued a press release to announce that the SBA will provide additional guidance to further help borrowers as they fill out their application, as well as guidance for lenders on their responsibilities, in the near future. We will continue to provide additional updates as SBA provides new information.

Upcoming Webinar | COVID-19 Tax Reform, Response, & Updates on Disaster Relief

We’d like to remind you of the upcoming virtual Growth and Development Forum on Wednesday, May 20, which is being offered by the Lincoln Chamber of Commerce. At this event, HBE Tax Manager, Brian Klintworth, CPA, MT, will cover many of the tax reform items under the CARES Act, including new information on both PPP and EIDL. To register, please click here.

For additional information and guidance related to COVID-19 relief provisions, please visit our website. Should you have any questions, please contact your HBE advisor.

This communication and any applicable contents pertaining to COVID-19 employer relief provisions is based on our professional judgment given the facts provided to us and the COVID-19 employer relief provisions guidance as of the date of the communication. Subsequent developments changing the facts provided to us, or differences in the final guidance and regulations once they are issued, may affect the advice provided. These effects may be material.