SBA Issues PPP Loan Forgiveness Forms and Instructions

The Small Business Administration has issued forms and instructions for applications for forgiveness of Paycheck Protection Loans.

The instructions answer some of our burning questions about accounting methods (cash vs accrual)  and the FTE calculations.

An FTE is defined as 40 hours (or more) per week.

Documentation requirements are clarified.

Here’s a link to the forms –

https://content.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf

Here’s a link to the press release from the SBA –

https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-and-treasury-release-paycheck-protection-program-loan-forgiveness-application

 

– Mark S Gleason CPA

Mark@Mattson-CPA.com

 

 

 

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