SBA Releases Paycheck Protection Program Forgiveness Rules

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May 19
2020

Erica Dial

SBA Releases Paycheck Protection Program Forgiveness Rules

Posted by Erica Dial

The U.S. Small Business Administration has released the application that business owners will need to receive loan forgiveness as part of the Paycheck Protection Program.

The application includes options and instructions for calculating payroll and other costs, and other requirements.

"The documents released today will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans," the agency said in a news release.

Employers should work with their lenders to submit their loan forgiveness application, an SBA spokeswoman told AWB earlier today. The agency will issue additional regulations and guidance on the application soon.