A lot of business owners I have been speaking to have been concerned - now they have received their PPP (yay!) - on how to claim full forgiveness.

We knew the basics - 8 weeks - no more than 25% of the forgiven amount may be used for non-payroll costs etc etc. And now we have the form that is to be used to make that claim.

Link to SBA’s Paycheck Protection Program Loan Forgiveness Application HERE.

Included in the form and instructions were several measures to reduce compliance burdens and simplify the process for borrowers. Borrowers have the option to calculate payroll costs using an “alternative payroll covered period” that aligns with their regular payroll cycles and the flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan.

Also included is the borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30, and the 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.

And if you’re in need for some specific insight tailored for your business, then contact me. A lot of our members are doing extremely well in this environment. To know where the opportunities are, set up a call with me today.