By Erin M. Byom, Levi J. Smith and Caitlin B. Houlton Kuntz
On May 15, 2020, the SBA and Treasury Department released the Paycheck Protection Program (PPP) Application for borrowers to complete in order to receive PPP loan forgiveness. The loan forgiveness application includes information regarding costs eligible for forgiveness and instructions for forgiveness amount calculations. To apply for PPP loan forgiveness, the borrower must complete the application following the instructions and submit it to the lender that is servicing the PPP loan.
The application and instructions include the following:
- Instructions for PPP Loan Forgiveness Calculation Form;
- The PPP Loan Forgiveness Calculation Form and required certifications;
- Instructions for PPP Schedule A;
- PPP Schedule A;
- Instructions for PPP Schedule A Worksheet;
- The PPP Schedule A Worksheet;
- A list of documents that each borrower must submit with its PPP loan forgiveness application;
- A list of documents that each borrower must maintain (but is not required to submit); and
- The (optional) PPP Borrower Demographic Information Form.
The SBA has indicated that regulations and additional guidance for borrowers on completing the forgiveness form and lender responsibilities regarding loan forgiveness will be issued soon.