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MBA welcomes new PPP forgiveness application

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The U.S. Treasury and the Small Business Administration (SBA) have released the application that borrowers must complete to have their Paycheck Protection Program (PPP) loan forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs.

SBA also announced several measures intended to reduce compliance burden and simplify the forgiveness process for borrowers. SBA noted that it will soon issue regulations and additional guidance for borrowers on completing the forgiveness form, as well as guidance for lenders detailing their responsibilities.

“For the more than 67,400 Maryland small businesses that have received over $10.1 billion in funding already, the PPP has been a lifeline,” said Maryland Bankers Association (MBA) President and CEO Kathleen Murphy. “However, banks and small businesses alike have been intently waiting for clear direction on how the PPP loan forgiveness will work. They have also identified areas where the process and calculations could be improved to reflect the marketplace.  With this greatly needed new information, small business borrowers and lenders are able to address many of the remaining questions and issues.” “This critically important new information, including the PPP Loan Forgiveness Application, provides a roadmap for small businesses on how to calculate the Paycheck Protection Program (PPP) loan forgiveness.” Murphy emphasized,

MBA also urges Treasury and the SBA to quickly release the additional PPP regulation and guidance for borrowers and lenders, so they have important definitive details.

Small businesses with questions about PPP loan forgiveness should talk to their lender. In addition, the SBA has helpful FAQs on its website that are updated on an ongoing basis: www.sba.gov/document/support–faq-lenders-borrowers

Access the form at https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

Read the Treasury Department press release at https://home.treasury.gov/news/press-releases/sm1010.

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