The Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) Loan Forgiveness Application along with detailed instructions. Employers that received money from the PPP must apply for loan forgiveness from their lender.
The SBA will also issue regulations and guidance to assist borrowers in completing their applications and will provide lenders with guidance on their responsibilities.
The form and instructions include measures to reduce compliance burdens and simplify the process for borrowers, including but not limited to:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that were declined
The application and instructions can be found here
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
