COVID-19 Update – PPP Forgiveness Application – SBA Guidelines and Clarifications
Finally, we have a bit more clarity on some of the burning questions that many of us have had regarding the forgiveness application process. GBQ has yet again published a great article that is worth reading in terms of some of the main highlights of recent guidance issued by the SBA. Here is the first link: SBA Issues Highly Anticipated PPP Loan Forgiveness Guidelines.
This second link delves deeper into some additional specifics: SBA Issues Two New Interim Rules on Loan Forgiveness Process and Bonus/Hazard Pay. Thank you, GBQ, for this wonderful, easy to follow read. The Forgiveness Application Form (Click here for the PPP Forgiveness Application) is intimidating and quite complex. Talk with your accountant while reviewing and completing this document. If you don’t have a trusted accountant, strongly consider talking with the folks at GBQ. Do not wait until the last minute to start the Application as it seems pretty apparent that, like the application to receive the funds, the forgiveness applications will be “first-come, first-serve” in terms of a quick turnaround.