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The Small Business Administration (SBA) has released the application for loan forgiveness for Paycheck Protection Program (PPP) loans, SBA Form 3508. Additionally, the SBA, along with the Department of Treasury, has released additional Interim Final Rules that provide further guidance about the forgiveness calculation and requirements, borrower responsibilities and requirements, and lender responsibilities and requirements.
The calculation for loan forgiveness is complex. Borrowers must understand eligible payroll and non-payroll costs as defined in the CARES Act, and further explained in various Frequently Asked Questions and Interim Final Rules issued by the SBA. Borrowers must understand and accurately calculate and report factors that reduce amounts forgiven due to reductions in FTEs or wages, as more fully discussed in the Interim Final Rules listed below. Borrowers should work with their lender and other advisors in completing the Loan Forgiveness Application. If you have questions about the Paycheck Protection Program loan, and the forgiveness calculation, contact your HCVT professional.