Treasury Dept Outlines Loan Forgiveness Procedures for PPP

Mon May 18, 2020

The Treasury Department has now released information on how small businesses can apply for loan forgiveness under the Paycheck Protection Program. The Loan Forgiveness Application explains how to calculate your forgiveness amount, determine your eligible payroll and nonpayroll costs, document eligibility for loan forgiveness and apply the CARES Act’s safe harbor for remedying payroll or headcount reductions. You can access the application form and instructions here, and the Treasury Department’s announcement on the forgiveness procedures is available here.