Law Alert: PPP Loan Forgiveness Application and Instructions Released
May 16, 2020
Late Friday, SBA and Treasury released the Paycheck Protection Program loan forgiveness application and instructions, which can be found here. The instructions do provide some additional clarity as to certain lingering questions concerning payroll cost calculation during the 8 week (56 day) forgiveness period (Covered Period). The application and instructions also make clear that interest on mortgages and lease or rent payments include both real and personal property such as vehicles and trailers. In spite of this additional guidance, the SBA and Treasury announcement stated that additional “regulations and guidance to further assist borrowers” will be forthcoming.
If you have questions about the PPP loan forgiveness application, the calculation of covered expenses, or any other aspect of the PPP loan program, contact Scopelitis Attorneys Greg Feary, Steve Pletcher, Prasad Sharma or the Scopelitis COVID-19 Task Force.