SBA Releases PPP Loan Forgiveness Application and Treasury Releases Limited Commentary
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.