Paycheck Protection Program Loan Forgiveness Overview

Published on: May 26, 2020 by Nancy Mehlberg, CVB, EA

Updated on: October 31, 2024

As business owners received their Paycheck Protection Program (PPP) loans, the big question remained on how the forgiveness portion of the loans will work. On Friday, May 15, 2020, the SBA and Treasury released the Loan Forgiveness Application.

The form and instructions explain how to apply for forgiveness of PPP loans. SBA is also expected to soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. 

This overview provides the understanding SVA has on the recently released guidance on:

• Defining Covered Payroll
• Application Timeframes
• Application Definitions
• Forgiveness Amount Calculation
• Documentation Needed

(Note: this information is subject to change based on further clarifications from SBA)

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Nancy is a Principal with SVA Certified Public Accountants and helps clients improve their company profitability and protects their interests by clearly understanding their future goals. She works closely and proactively with clients with an emphasis in business and income tax planning and financial reporting.

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