The Small Business Administration (SBA) has released a simple one-page forgiveness application for Paycheck Protection Program (PPP) borrowers who obtained loans of $50,000 or less. The new application removes calculations required on prior forms and simplifies documentation requirements.
The new application does not require calculations and instead only requires small-business borrowers to confirm that the PPP-loan proceeds were used for eligible costs, and to provide supporting documentation showing payment of these expenses. Small-business owners will certify on the forgiveness request that the forgiveness amount is within the SBA guidelines.
