How to get your PPP Loan forgiven | SBA PPP Loan Forgiveness Application

Описание: The SBA released the PPP Loan Forgiveness Application. This video goes over how to get your PPP loan forgiven and how to fill out the PPP Loan Forgiveness Application. It discusses the EIDL Advance Grant and EIDL loan.

Instructions which includes the PPP Loan forgiveness calculation form, PPP Schedule A, the PPP Schedule A Worksheet, and an optional PPP Borrower Demographic Information Form.

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One thing I love about government forms is that they give us an estimate of how long it takes to complete a form or application. In the case of the PPP Loan Forgiveness Application, the SBA estimates that it will take three hours!! As we go through the requirements and the app, you will see that this is a very reasonable estimate of the time it will take to complete the application.

The PPP Loan forgiveness calculation form and PPP Schedule A must be submitted to a borrower’s lender. The worksheet and demographic information is optional. Super important to know: your lender may use an electronic PPP loan forgiveness application.

The PPP Loan forgiveness calculation answers a number of questions that we’ve had, including how to account for the EIDL Advance, which is the EIDL Grant, and the EIDL Loan. It also answers a critical question regarding your payroll schedule and when the 8-week forgiveness period starts and ends.

Alternative Payroll Covered Period: For administrative convenience, Borrowers with a biweekly (or more frequent) payroll schedule may elect to calculate eligible payroll costs using the eight-week (56-day) period that begins on the first day of their first pay period following their PPP Loan Disbursement Date (the “Alternative Payroll Covered Period”). For example, if the Borrower received its PPP loan proceeds on Monday, April 20, and the first day of its first pay period following its PPP loan disbursement is Sunday, April 26, the first day of the Alternative Payroll Covered Period is April 26 and the last day of the Alternative Payroll Covered Period is Saturday, June 20. Borrowers who elect to use the Alternative Payroll Covered Period must apply the Alternative Payroll Covered Period wherever there is a reference in this application to “the Covered Period or the Alternative Payroll Covered Period.” However, Borrowers must apply the Covered Period (not the Alternative Payroll Covered Period) wherever there is a reference in this application to “the Covered Period” only.

PPP Loan Eligible Payroll Costs are both payroll costs paid as well as those earned but not paid during the Covered Period or Alternative Payroll Covered Period. Payroll Costs are considered paid on the day that paychecks are distributed. Payroll Costs are considered incurred on the day that the employee’s pay is earned but not yet paid. Interim Final Rule on Paycheck Protection Program posted April 2, 2020 governs what payroll costs count and don’t count as Eligible Payroll Costs (85 FR 20811).

PPP Loan Forgiveness for Sole Proprietors and Self Employed Individuals

Eligible Payroll Costs are automatically calculated at maximum of $15,385 for the sole proprietor/owner as well as general partners in a partnership
This translates to 8 weeks of 2019 compensation as calculated by the net income from Schedule C that was used to obtain the PPP Loan

There you have it! These are the highlights of how to get your PPP loan forgiven and the PPP Loan Forgiveness Application Instructions. Make sure you subscribe to our YouTube channel to stay up-to-date on all PPP loan, EIDL loan, and stimulus check updates.

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