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:
- When the “covered period” begins (helpful for biweekly payroll schedules)
- Whether your loan exceeds $2M (assume those will be earmarked for more thorough review)
- Maximum cash compensation eligible for forgiveness (capped at $15,385 per individual)
- Payroll costs incurred but not yet paid at the expiration of the covered period
- Eligible non-payroll costs
- Calculating Full-Time Equivalency employees
- FTE Safe-Harbor for reduction in number of employees
- 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!
Written By Nathan R. Olansen
Nathan R. Olansen is a Shareholder in the law firm of Midgett Preti Olansen. His practice is focused on estate planning, probate and trust administration, IRS and state and local tax audit and tax collection cases, as well as individual and entity tax planning, asset protection and a variety of related transactional matters.
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