The Department of Labor recently issued a revised Paycheck Protection Program loan forgiveness application. You can find that application by clicking here. Instructions on completing the application are here. The PPP loan application is available here.
The Paycheck Protection Program (PPP) was part of the CARES Act and provided low-interest loans to businesses who suffered due to the Coronavirus lockdowns. PPP loan recipients do not have to pay back eight weeks of payroll expenses, rent or mortgage payments, mortgage interest payments, and utility payments as long as they retained 90% of their employees for eight weeks and devoted at least 75% of the loan funds to payroll expenses.
Eight weeks have passed since many employers received PPP loans, which means that those employers can begin applying for loan forgiveness. To complete the loan forgiveness application, employers need to provide their:
- PPP loan number
- Loan amount
- Loan disbursement date
- Number of employees at the time of the loan and the time of the forgiveness application
- The eight-week time period for which they seek forgiveness
- Payroll costs rent or mortgage payments, utility payments, and mortgage interest payments over this eight-week period
- The total amount sought to be forgiven
Documents verifying this information must be submitted with the loan forgiveness application. The application should be submitted to the entity that provided the PPP loan. If you have questions about applying for loan forgiveness or would like help doing so, feel free to contact me at (312) 604-9125 or mdicianni@ancelglink.com.
