{"id":8330,"date":"2020-05-19T09:42:26","date_gmt":"2020-05-19T13:42:26","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=8330"},"modified":"2021-03-27T16:08:19","modified_gmt":"2021-03-27T20:08:19","slug":"apply-for-forgiveness-for-a-ppp-loan","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/apply-for-forgiveness-for-a-ppp-loan\/","title":{"rendered":"How to Apply for Forgiveness for a PPP Loan"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8331\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/application-1883453_1920.jpg\" alt=\"apply for forgiveness for a ppp loan\" width=\"1024\" height=\"683\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/application-1883453_1920.jpg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/application-1883453_1920-980x654.jpg 980w, https:\/\/gtm.com\/business\/wp-content\/uploads\/application-1883453_1920-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/>On Friday, May 15, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) <a href=\"https:\/\/www.sba.gov\/about-sba\/sba-newsroom\/press-releases-media-advisories\/sba-and-treasury-release-paycheck-protection-program-loan-forgiveness-application\">loan forgiveness application and instructions<\/a>.\u00a0The form and instructions inform borrowers how to apply for forgiveness for a PPP loan, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).<\/p>\n<p>The SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.<\/p>\n<p>The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:<\/p>\n<ul>\n<li>Options for borrowers to calculate payroll costs using an \u201calternative payroll covered period\u201d that aligns with borrowers\u2019 regular payroll cycles<\/li>\n<li>Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan<\/li>\n<li>Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness<\/li>\n<li>Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30<\/li>\n<li>Addition of a new exemption from the loan forgiveness reduction for borrowers who have made good-faith, written offers to rehire workers that were declined<\/li>\n<\/ul>\n<p>The documents released on Friday will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans.<\/p>\n<p>Get more <a href=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/PPP-Forgiveness-Application.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">details about the application<\/a>, then view the form and instructions <a href=\"https:\/\/www.sba.gov\/sites\/default\/files\/2020-05\/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p>Learn more about PPP loans in our <a href=\"https:\/\/gtm.com\/business\/webinar-paycheck-protection-program\/\" target=\"_blank\" rel=\"noopener noreferrer\">webinar<\/a>, and get more information in our <a href=\"https:\/\/gtm.com\/business\/resource-center\/checklist-and-guide-library\/covid-19-payroll-hr-resources\/\">COVID-19 payroll and HR resource center<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A form and instructions are now available for businesses to apply for forgiveness for a PPP loan.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[197,194,205,200],"post_folder":[],"class_list":["post-8330","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-cares-act","tag-covid-19","tag-loan","tag-ppp"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/8330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=8330"}],"version-history":[{"count":3,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/8330\/revisions"}],"predecessor-version":[{"id":8355,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/8330\/revisions\/8355"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=8330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=8330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=8330"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=8330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}