5/18/20

PPP Guidance Update: SBA Releases Loan Forgiveness Application for Borrowers

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On May 15, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application form (the Application) for borrowers to submit to the lender servicing their PPP loan, along with instructions for the Application.  The Application contains four parts: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form.  The SBA noted that all borrowers must submit parts (1) and (2) to their lender.

The Application includes detailed instructions for borrowers on how to calculate their loan forgiveness amounts, as well as a few noteworthy clarifications and changes to the current PPP guidance, as summarized below:

The full Application may be found here.  All PPP borrowers should review the Application in detail as soon as possible.  If you have any questions about the PPP program or this latest guidance, please call Drew Parobek, Marty Gates, Cauley Simmons, or your Vorys attorney today.

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