What You Need to Know About the PPP Forgiveness Application

The Forgiveness Application include processes to reduce borrower compliance matters and ultimately simplify the procedures that borrowers must take to apply for forgiveness of their PPP funding including:

• An “Alternative Payroll Covered Period” election that will enable borrowers to align the 8-week covered period with the borrowers’ regular payroll periods;
• The ability for borrowers to include eligible payroll and non-payroll expenses “paid” or “incurred” during the 8-week (56-day) period after receipt of the PPP funds;
• Detailed instructions of the calculations required for purposes of forgiveness (including FTE equivalency, reductions, etc.);
• Further explanation of the rehire and salary restore implications on or before June 30th;
• The development of a new exemption protecting borrowers for good-faith re-hire efforts for employees that decline the offer (electing to remain unemployed).

A complete view of the Forgiveness Application can be obtained here.

HOW WE CAN HELP

KatzAbosh can assist you in preparing your application and corresponding schedules as well as calculating your average monthly payroll for the loan application under the requirements of the loan forgiveness program. We offer interim and final assistance to maximize the amount of the loan forgiveness. Contact your KatzAbosch representative to learn more about how we can guide you with this matter.