The SBA has published the application and related instructions for PPP forgiveness. We believe there will be modifications to come still for businesses forced to shut down during these challenging times, such as restaurants, salons, etc., but this will most likely represent the parameters for businesses who remained open throughout these times. We will continue to monitor this and provide updates as they are released.
In order to be granted forgiveness, PPP borrowers must complete the forgiveness application and submit it to their lender, along with the required supporting documents. The SBA application includes detailed forgiveness calculation instructions, though we always recommend discussing any questions or confusion directly with your lender.
by John Geraci, CPA, MST
