On Friday, May 15th, 2020 the SBA released a crucial piece of information, the PPP Loan Forgiveness application. The application provides much needed guidance for the biggest remaining puzzle pieces for borrowers in how the forgiveness calculations will work, key definitions, and clarity on timelines. While more guidance is expected and there are still many questions to be answered, understanding this application is critical for all borrowers with a PPP Loan.
During this webinar we covered the updated timeframes for allowable payroll costs, FTE calculations, payroll calculations and went over the application itself and examples to help cover the different provisions in the application. The earliest borrowers are probably still 2 weeks away from even being able to apply for forgiveness but having a better understanding of how the program works will be beneficial for all borrowers as they continue to navigate this program.