The U.S. Small Business Administration has released its Paycheck Protection Program Loan Forgiveness Application, it announced Monday.
The SBA is providing detailed instructions for the application, under the Coronavirus Aid, Relief and Economic Security, or CARES, Act.
The process of applying includes:
- Options to calculate payroll costs;
- Flexibility to include eligible payroll and nonpayroll expenses;
- Step-by-step instructions to calculate eligibility;
- Exemptions from loan forgiveness reductions based on rehiring;
- Addition of an exemption for rehiring offers that have been declined.
Small businesses will be able to seek forgiveness of their PPP loans at the conclusion of the eight-week coverage period that begins with the disbursement of their loan.
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