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#13: Paycheck Protection Program Loan Forgiveness Application Now Available

Clarity on how a borrower will be evaluated for PPP loan forgiveness is beginning to take shape.  On the evening of Friday May 15th, the SBA and Treasury Department released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for its completion.

The form and instructions describe how borrowers will apply for forgiveness of their PPP loans, and also includes several clarifications to simplify the process.  There is a bit of flexibility (though far from complete) in how a borrower determines their 8-week Covered Period.  There is also detail on the June 30th rehiring safe harbor to minimize or eliminate forgiveness reductions, as well how to account for workers who have refused to come back to work after a good faith written offer was extended by a PPP borrower.

A link to the announcement and the application are provided below:

The SBA has indicated that additional guidance will be forthcoming to assist borrowers in completing the application and lenders in evaluating submissions.

Citizens Bank will continue to bring you information and resources as they become available.

Please submit your questions to pppquestions@citizens-banking.com.  Include the name of your business in your e-mail.  We will endeavor to answer in a timely way with the best information currently available.

Citizens Bank recommends that you consult your outside advisors and experts in all matters relating to the PPP and loan forgiveness. We will work to provide you timely and accurate information, but the burden for obtaining forgiveness rests on the borrower. All information provided in this format or any other communication regarding the program is believed to be accurate, but no guarantee is or can be made by any Citizens Bank representative.

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