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May 18, 2020

SBA Loan Forgiveness Applications Available | Business Owner Update

Well, we have all been hearing a lot about the Small Business Administration (SBA) loans and the Paycheck Protection Program.

With the end of the quarantine coming in sight, it is time to start thinking about paying the loans back or getting the loans forgiven.

Forbes

Loan Forgiveness:

The SBA just released the PPP Loan Forgiveness Application with instructions, including a list of documents each borrower must submit with its Forgiveness Calculation, as well as a list of documents that each borrower must maintain but is not required to submit.

The application has:

  • A PPP Loan Forgiveness Calculation Form 
  • A  PPP Schedule A
  • The PPP Schedule A Worksheet
  • An optional PPP Borrower Demographic Information Form

WARNING: All borrowers must submit the PPP Loan Forgiveness Calculation Form, PPP Schedule A and the required documents to their lender.


Here is a link to the Application: https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf

If you have any questions or need any assistance, feel free to give us a call at 212-213-8511

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