The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Those funds dried up within a very short period of time. A few weeks later (on April 24th, 2020) another $322 billion was allocated for a second round application window which opened on April 27th, 2020. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, a portion of these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The application form has been released and the SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions (you can access with the button below) include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
We encourage you to reach out for support or with questions during the application process. We’re here to help.
PPP Application for Forgiveness
Below you will find frequently asked questions relating to the PPP. If you have additional unanswered questions that haven’t been addressed here, we welcome you to fill out the form at the bottom of this page and we will respond promptly.
Frequently Asked PPP Loan Forgiveness Questions
Self Employed Individuals and PPP Loan Forgiveness
Loan Forgiveness for Partnerships and LLCs
Loan Forgiveness for S-Corp and C-Corp
Loan Forgiveness for Nonprofit
Additional Questions for PPP Loan Forgiveness
If you have additional questions relating to PPP loan forgiveness, fill out the form below. We will respond to your inquiry promptly.
If you have questions as it relates to the CARES Act, you can visit our COVID-19 Updates page, our Resources page, or you can contact our experts today. We’re here to help.
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