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6/11/2020 SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application | U.S. Department of the Treasury SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application May 15, 2020 WASHINGTON—Today, the Small Business Administra on (SBA), in consulta on with the Department of the Treasury, released the Paycheck Protec on Program (PPP) Loan Forgiveness Applica on and detailed instruc ons for the applica on. The form and instruc ons inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regula ons and guidance to further assist borrowers as they complete their applica ons, and to provide lenders with guidance on their responsibili es. The form and instruc ons include several measures to reduce compliance burdens and simplify the process for borrowers, including: Op ons for borrowers to calculate payroll costs using an “alterna ve payroll covered period” that aligns with borrowers’ regular payroll cycles Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eightweek period a er receiving their PPP loan Step-by-step instruc ons on how to perform the calcula ons required by the CARES Act to confirm eligibility for loan forgiveness Borrower-friendly implementa on of statutory exemp ons from loan forgiveness reduc on based on rehiring by June 30 Addi on of a new exemp on from the loan forgiveness reduc on for borrowers who have made a good-faith, wri en offer to rehire workers that was declined The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released https://home.treasury.gov/news/press-releases/sm1010 1/2 6/11/2020 SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application | U.S. Department of the Treasury today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans. Click here to view the applica on and instruc ons. #### https://home.treasury.gov/news/press-releases/sm1010 2/2
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