PPP Loan Forgiveness Application and Instructions
On May 15, 2020, the Small Business Administration (SBA) and and the Department of Treasury (USDT) released the Paycheck Protection Program (PPP) loan forgiveness application and instructions.
The instructions offer clarity to some uncertainty surrounding the payroll cost calculation during the 8 week (56 day) forgiveness period (Covered Period). The application and instructions also clarify that real and personal property (i.e. vehicles or trailers) are subject to interest on mortgages and lease or rent payments. SBA and Treasury have also jointly stated that they will be putting out information on regulations and guidance to further assist borrowers, which TRALA will share with its membership once available.
You may view the application and instructions by clicking here.
If you have questions or need additional information, please contact TRALA's Jake Jacoby at firstname.lastname@example.org or Andrew Stasiowski at email@example.com.