On Friday, May 15, the SBA released its official application for PPP loan forgiveness. The application has four components with accompanying instructions:

• Loan Forgiveness Calculation Form
• PPP Schedule A
• Schedule A worksheet
• Borrower Demographic Information Form (optional)

The SBA provided an option for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with their regular payroll cycles, and flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan.

The application also includes guidance on documentation that must be submitted with the forgiveness application as well as documentation that must be maintained by the borrower, but not submitted. 

NSWA will continue to provide updates as information becomes available.