The U.S. Small Business Administration (SBA) recently issued new guidance regarding how to apply for Paycheck Protection Program loan forgiveness. The PPP Loan Forgiveness Application must be completed by borrowers and returned to their lender to apply for forgiveness. The SBA is expected to issue additional guidance soon to assist borrowers with loan forgiveness applications, and provide direction to lenders regarding their roles and responsibilities.
The Paycheck Protection Program was deigned to provide a direct incentive for businesses to keep their workers on the payroll during the COVID-19 pandemic. Please visit the SBA Paycheck Protection Program Webpage to learn more about the program.