SBA AND TREASURY RELEASE PPP LOAN FORGIVENESS APPLICATION AND INSTRUCTIONS
On May 15, 2020 (Release 20-41), the SBA and Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and Instructions under the CARES Act. A copy of the form may be found here. Here are the links for the CARES Act Section 1102 “Paycheck Protection Program” and Section 1106 “Loan Forgiveness".
SBA APPLICATION AND INSTRUCTIONS
The SBA press release issued the instructions for the Paycheck Protection Program (PPP) Loan Forgiveness and the Application for the Forgiveness.
The form and instructions 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 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 include several measures to reduce compliance burdens and simplify the process for borrowers, including:
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SBA has stated that it will be issuing additional regulations and guidance to both borrowers and lenders in regard to the forgiveness process.
OUR ADVISORY SERVICES:
If you have any questions regarding the PPP loan program, please contact Mendoza, Silva & Company for SBA Audit Compliance Services with the PPP and SBA EILD Loans.
We can help you with;
- Bank Accounting & Grant Allocation (QuickBooks),
- SBA Section 1102, 1106 & 1110 Law Requirements,
- SBA Audit Record Keeping and Accounting Compliance for Grant Forgiveness,
- QuickBooks Accounting Monitoring,
- Payroll Accounting from Grant Allocation,
- Other Advisory & SBA Grant Audit Representation,
- IRS Representation if applicable
Call at 301-962-1700 for additional information.