Treasury Issues the PPP Loan Forgiveness Application

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 . If you need help completing the information, please give us a call at (757) 687-8888. Happy reading!