PPP Loan Forgiveness Application

May 21, 2020

The SBA has released a Loan Forgiveness Application for the popular Paycheck Protection Program (PPP) loans.  You should EXPECT that this is not the FINAL version of the application, however, we are recommending that you read the application and related instructions now to be sure that you will be prepared to receive maximum forgiveness of your PPP Loan.

You should follow any instructions from your lending institution.  In addition to attesting to the fact that you needed the PPP funds, you will need to show that the funds were spent on qualifying expenses for forgiveness and Full Time Equivalent (FTE) employee headcount remained steady. 

Here is a summary of the key information that you will need to have ready when applying for forgiveness.

  • PPP Loan amount and date funds received.
  • Detailed payroll information for the 8 week (56 day) loan Coverage Period including pay, hours worked, who was working, not working, etc…  
  • Payroll Documentation:  combinations of payroll tax filings, bank statements, cancelled checks, payroll records.
  • Non-Payroll Documentation (Combinations of):
    • Business mortgage interest statements, Lender account statements, Cancelled Checks, Etc..
    • Business Rent or Lease Payments – lease agreements, cancelled checks, etc…
    • Business Utility Payments – statements, cancelled checks, etc…
  • Optional Documentation: Employee job offers and refusals, firings for cause, voluntary resignation, requests for reduced work schedules, etc…

Please review the application from the SBA by visiting their site at: 
SBA PPP Loan Forgiveness Application