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New Update from Treasury on PPP loan program - Forgiveness documents

New Update from Treasury on PPP loan program - Forgiveness documents

Published Tuesday, May 19, 2020
New Update from Treasury on PPP loan program - Forgiveness documents

The Treasury Department and the SBA have released the documents that PPP loan borrowers will need to fill out and provide to their lenders when applying for forgiveness. They can be found here.  Of the four documents posted, all borrowers will need to fill out and provide their lenders with two of them: the PPP Loan Forgiveness Calculation Form and the PPP Schedule A. The documents include detailed instructions for borrowers to use, delineate the eligible payroll and non-payroll expenses the loans can be used for, and walk borrowers through step-by-step how to calculate their forgiveness/show that they have met the program’s requirements.
NAR has also updated the SBA FAQs to reflect the new information, here. We expect further guidance from the Treasury and SBA on forgiveness, but these documents provide an important first-step for borrowers to use. We encourage NAR members who have received PPP loans to reach out to their lenders to ask about any additional documentation/records they will need.