SMALL BUSINESS ADMINISTRATION RELEASES PPP LOAN FORGIVENESS APPLICATION FORM, WITH DETAILED INSTRUCTIONS

The SBA recently issued a “Paycheck Protection Program Loan Forgiveness Application” form, with accompanying “Application Instructions for Borrowers.” The instructions direct borrowers to submit the application directly to their lenders, which may also be submitted electronically. The form consists of four components: (1) the PPP Loan Forgiveness Calculation Form, (2) “PPP Schedule A” (in which the borrower lists in more detail various items of compensation, health care and retirement plan expenditures, average employment numbers, etc.), (3) a Schedule A Worksheet, and (4) an optional “PPP Borrower Demographic Information Form.” All borrowers are required to submit the first two of those components to their lenders.

A link to the Application and instructions for completion may be found at:

https://www.kullmanlaw.com/wp-content/uploads/2020/05/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

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Because legal developments pertaining to COVID-19 are constantly evolving, we recommend that our clients call the Kullman Firm attorney(s) with whom they work for the most current guidance on these matters.