It’s important to understand the instructions to fill out the PPP loan forgiveness application. While the current form will need to be updated based on the Paycheck Protection Program Flexibility Act, this application needs to be submitted to the PPP lender you are working with.
For additional background, per the SBA website, the loan forgiveness form includes instructions and guidance to help you understand the process, including:
- Options to help you calculate payroll costs
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the covered period
- Step-by-step instructions for how to perform the calculations required by the CARES Act
- Implementation of statutory exemptions from loan forgiveness reduction (based on rehiring by the deadline)
- Exemption from the loan forgiveness reduction for cases where you made a good-faith, written offer to rehire worker(s) that was declined