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May 18, 2020
The form and instructions attempt to guide borrowers on how to apply for forgiveness of their PPP loans. The SBA stated that it will issue regulations and further guidance to assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Timing of this is unknown, but this is critical information and is “Part Two” of much needed guidance for small business owners with PPP loans.
Highlights of the forgiveness application include:
This information from the SBA provided much needed guidance, and helped to answer some of the questions on the PPP loan forgiveness process. However, more is still needed and we are anxiously awaiting “Part Two” to get a more comprehensive understanding of the forgiveness process and criteria.
We will continue providing updates as relevant information becomes available. If you have questions about how to navigate the PPP Forgiveness Application process, or how other CARES Act incentives may apply to your business, please reach out to your Beaird Harris advisor. You can stay up to date on PPP guidance and tax issues relating to the coronavirus at our COVID-19 Resource Center.
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