Eight pages: That’s the length of the application from the Small Business Administration for businesses to apply for forgiveness of the Paycheck Protection Program.

The application must be submitted to the lender that funded your PPP loan.

 

What You Need To Know


  • Forgiveness application must be submitted to lender of PPP loan

  • There's an exemption for offers to rehire workers that were declined by the worker

  • Lender can direct you to a digital application

 

The SBA says the application also includes instructions to reduce the compliance burdens on the borrowers. One of those measures is a new exemption for borrowers who have made a good-faith, written offer to rehire workers that was declined by the employee.

The CARES Act created the PPP in an effort to create forgivable loans to keep Americans employed during the COVID-19 pandemic. The documents released by the SBA will help small businesses secure forgiveness at the end of the eight-week covered period, which begins with the disbursement of their loans.

You can find the application to forgive your PPP loan here, or contact your lender for a digital version.

 

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