PPP Loan Forgiveness

The initial PPP loan forgiveness application was released this past Saturday and attention is now fixed on Congress to adjust the forgiveness period and/or calculations.  There is a growing sentiment that the 8-week usage period needs to be extended for the loan to be useful to many small businesses [Marketwatch]. We will keep an eye on publications from the SBA to see if changes are made to the usage period.

For details on what uses are forgivable and how to calculate the percentage, this article provides a clear summary and details what documentation will be needed.