The U.S. Small Business Administration has released the much-anticipated application and instructions for how Paycheck Protection Program borrowers can see their loans forgiven.
The program was developed through the more than $2 trillion Coronavirus Aid, Relief and Economic Security Act and began with a $349 billion pot. After borrowers depleted those funds in about two weeks, federal authorities replenished the program with $310 billion.
While business owners sought the funds for an infusion of cash that could potentially convert to a grant, questions lingered as to how exactly lenders and the SBA would determine whether borrowers met the terms for forgiveness. The agency rolled the program out quickly and has been updating guidance since the PPP came online.
The document released Friday was created to inform borrowers how to apply for forgiveness of their PPP loans, the SBA said. The agency released the form in consultation with the U.S. Department of the Treasury.
Click here to see the document on the SBA’s website.
Click here to read the rest of the article written by Sari Lesk over at the Baltimore Business Journal