SBA News Updates View this news release from the SBA Website
The SBA, in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
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).
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 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.
The documents released May 15 will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
More Than $100 Billion in PPP Funds Still Available
PPP funds are still available for small businesses, sole proprietors, independent contractors, self-employed persons, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, and Tribal businesses.
To apply for this forgivable loan, connect with one of more than 5,400 lenders to start the process using the PPP Lender Finder or by contacting your local SBA office.
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Contact local SBA Office
Recovery Information Available in Other Languages
The SBA is providing materials in the following languages to help business owners recover:
- Spanish – español
- Arabic – العربية
- Chinese (Mandarin/Cantonese) – Simplified – 中文简体
- Chinese (Mandarin/Cantonese) – Traditional – 中文繁軆
- French – Français
- German – Deutsche
- Gujarati – ગુજરાતી
- Haitian Creole – Kreyòl Ayisyen
- Hindi – हिन्दी भाषा
- Italian – Italiano
- Japanese – 日本語
- Korean – 한국어
- Polish – Polski
- Portuguese – Português
- Russian – русский язык
- Tagalog – Tagalog
- Vietnamese – Tiếng Việt