|May 20, 2020
Paycheck Protection Program Forgiveness Application Released
The Treasury Department and Small Business Administration recently released the loan forgiveness application for the Paycheck Protection Program (PPP). This application must be completed to apply for forgiveness of a PPP loan and submitted to the lender who approved the loan. Borrowers are eligible for loan forgiveness for the following costs: payroll costs paid and payroll costs incurred during the eight-week Covered Period and certain nonpayroll costs including mortgage obligations, rent obligations and utility payments; the nonpayroll costs cannot exceed 25 percent of the total forgiveness amount.
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