While the SBA has released a loan forgiveness application form, there are anticipated changes forthcoming from Congress and the SBA. Until final guidance on how to apply for loan forgiveness and forms are announced, borrowers should continue to abide by the rules and regulations originally published by the SBA when loans were originated
, particularly pertaining to the retention of employees and rehiring those furloughed, as well as spending 75% on payroll costs and 25% on eligible expenses. Employee and compensation levels should be maintained according to PPP rules.
It is critical that borrowers maintain clear and accurate records of qualifying expenses
so that the request for forgiveness is supported by documentation verifying those expenses. Please review program information by clicking on this link: https://home.treasury.gov