SBA Releases PPP Loan Forgiveness Application and Instructions

On Friday, May 15th, the SBA released the application form and instructions that borrowers should use to apply for forgiveness on their PPP funds they received. Highlights of the form include:

  • When the 8 week period begins to count expenses disbursed from the funds to credit towards forgiveness.
  • What payroll expenses count towards the eligible expenses.
  • How to calculate the full time equivalent (FTE) of employees.
  • Inputs for Business mortgage utility payments.
  • Inputs for Business rents or lease payments.
  • Inputs for Business utility payments.

The form also includes instructions for what documentation will need to be submitted with the application form, in order to support the expenses shown.

It is expected that there will be additional clarification from the SBA as this process continues. HSC will update our clients and friends as this information becomes available. In the meantime, please be sure to contact us with any questions or visit our COVID-19 Resource Center for additional resources.

For more information please contact Scott Touro, MBA at stouro@hsccpa.com.

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