The Small Business Administration recently released the long anticipated loan forgiveness application, including detailed instructions. This application and instructions can be found at the link below.
The document provides additional guidance on eligible payroll costs, including more clarity on the payroll periods and adjustments that should be used in preparing the application for forgiveness. The guidance also provides for an alternative payroll covered period for borrowers that have a biweekly or more frequent payroll schedule. Additionally, the instructions provide guidance on eligible nonpayroll costs that can be considered in loan forgiveness.
Additionally, below is a guide to Paycheck Protection Program (PPP) loan forgiveness prepared by the U.S. Chamber of Commerce.