SBA releases PPP Loan Forgiveness Application, corresponding instructions

On Friday (May 15), the U.S. Small Business Administration (SBA), in working with the U.S. Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application with instructions on how to apply. “SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities,” the agency announced. The application and guidance aim to reduce burdens and simplify the process for borrowers.

As NADA points out, dealer-borrowers will generally not file the PPP Loan Forgiveness Application until after June 30, 2020. That said, and aware more guidance is on the way, start looking at the application and instructions with your controller, outside accountant, and counsel.

NADA CARES Act and PPP Resources