Paycheck Protection Program Forgiveness Application and Instructions
On May 15, 2020, the Small Business Administration (SBA) posted the application and instructions borrowers should use to seek forgiveness of their SBA Paycheck Protection Program (PPP) loans. Further borrower instructions and guidance for lenders are still to come from the SBA. So, the details are still to follow.
You can find the SBA's release here.
Small Business Administration (SBA), in consultation with the Department of the Treasury, is expected to release additional regulations and further guidance to help businesses to complete the application, Treasury said in a statement.
You can find the Treasury Department's release here.
All participants in the SBA PPP loan program should continue to document their use of funds under the program and follow the evolving guidance on forgiveness. You should follow the SBA and Treasury websites for updates, and we will update our site also as we receive the coming directions from the SBA on how to proceed with this new form and instructions.
Wood & Huston Bank and its subsidiaries are not tax or legal advisors. Please consult your tax or legal advisor for more information regarding your personal situation. We have no such agency relationships with CPAs, tax, or legal advisors.
Date Last Updated: May 23, 2020