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".
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.
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.
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Call at 301-962-1700 for additional information.
Mendoza & Company, Inc. is a full-service accounting, Payroll, and Tax Resolution firm in Bethesda, MD and Miami, FL. As a client, you gain a professional team with expertise in multiple fields, providing you the right advice to strengthens your organization and long-term goals.