PPP Loan Forgiveness Application/Instructions & Safe Harbor (announced today)
Two big announcements related to PPP this week:
PPP Loan Forgiveness Application & Instructions (released today)
This application has the following components:
- PPP Loan Forgiveness Calculation Form
- PPP Schedule A
- PPP Schedule A Worksheet
- (optional) PPP Borrower Demographic Information
Application & Instructions:
https://content.sba.gov/sites/default/files/2020-05/3245-0407 SBA Form 3508 PPP Forgiveness Application.pdf
Safe Harbor for Borrowers of PPP Loans $2M or Less (announced yesterday)
tldr;
New safe harbor: Any startup* "that received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith."
*together with their affiliates
Fine print and details here: FAQ #46 https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
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