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U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions

[1]The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions [2] (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness.  As small business owners approach the loan forgiveness documentation and submission process, this document [2] may help clarify expectations and rules.

The FAQs on PPP loan forgiveness [3] dated August 4, 2020 provide guidance related to these topics:

  • General loan forgiveness
  • Loan forgiveness payroll costs
  • Loan forgiveness non-payroll costs
  • Loan forgiveness reductions
For more detailed information on how the PPP loan forgiveness application process applies to your individual business, contact a ShindelRock tax professional [4].