The new PPP loan forgiveness application is causing lots of confusion. Here’s what to know so far

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Small businesses have waited—and waited.

On Friday, the Small Business Administration and Treasury finally released the PPP forgiveness application, an 11-page document with details that answered, and stirred, questions for small businesses and the CPAs and lawyers advising them. “We at least have a worksheet, if you will, to start the process,” notes Eric Holland, a partner at law firm Reed Smith.

Guidelines for how to get small business loans forgiven (the main draw for the loans—which could be up to $10 million, under the Paycheck Protection Program) were long overdue. In fact, guidance for the forgiveness portion was due

Read more    Source: fortune.com

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