On Friday, May 16th, the U.S. Small Business Administration (SBA) released its application and instructions for Paycheck Protection Program (PPP) borrowers to apply for loan forgiveness. Click here to view the application, which includes a worksheet detailing the costs eligible for forgiveness as well as the form for calculating the amount of the loan that can be forgiven. The SBA also provided a list of documents that borrowers will have to submit with their forgiveness applications.
In addition, the SBA announced that it would soon issue regulations and guidance to further assist borrowers as they complete their applications.It is important to mention that the AICPA advises that borrowers should wait until later this summer to apply for forgiveness. Guidelines are coming out fast and furious and waiting to apply could give you more options on how to fill out the application, including which covered period to choose.