Paycheck Protection Program loan forgiveness application released
Photo | Grant Welker
Worcester's Pleasant Street
The U.S. Small Business Administration, in conjunction with the U.S. Treasury, has released the Paycheck Protection Program loan forgiveness application, the agency announced on Friday.
The application includes information about how to apply for forgiveness, although the SBA noted further guidance and regulations for both borrowers and lenders will be released in the near future.
The form has several features the agency said are designed to make it easier for borrowers to comply with rules around the PPP. Among them are options to include eligible payroll and non-payroll expenses incurred during the eight-week period after borrows received a PPP loan, as well as the addition of a new exemption from loan forgiveness reduction for borrowers who made good-faith, written offers to rehire workers that were declined, the agency said.
The $669-billion PPP initiative was part of the $2-trillion CARES Act and designed to help businesses with fewer than 500 employees impacted by the efforts to stem the spread of coronavirus. Nearly 100,000 Massachusetts small businesses received a total of $15 billion in loans.
The application and associated instructions are available online.
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