As more businesses are starting to see PPP fund distribution into their accounts, they are wondering how to apply for the conversion of the loan into a grant. The SBA, in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The documents will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
This is an 11 page document that includes answers to many of the questions we have heard as well as worksheets to determine the numbers for loan forgiveness.
New Information on the Application
- Alternative payroll covered period
- “Incurred” or “Paid”
- FTE interpretation
- Owner payments