Hot off the press, Treasury has issued the PPP Loan Forgiveness Application (SBA Form 3508).  The 11-page application (we know, more paperwork) provides many of the answers you wish existed at the time you applied for your PPP Loan, such as:

1.               When the “covered period” begins (helpful for biweekly payroll schedules)

2.             Whether your loan exceeds $2M (assume those will be earmarked for more thorough review)

3.             Maximum cash compensation eligible for forgiveness (capped at $15,385 per individual)

4.             Payroll costs incurred but not yet paid at the expiration of the covered period

5.             Eligible non-payroll costs

6.             Calculating Full-Time Equivalency employees

7.             FTE Safe-Harbor for reduction in number of employees

8.             Ordering rules for calculating the amount of PPP Loan forgiveness

You can find the Loan Forgiveness Application here.  If you need help completing the information, please give us a call at (757) 687-8888.  Happy reading!