On Friday, May 15, the SBA released the much anticipated application for PPP loan forgiveness. The application and instructions can be found here. The application will be submitted by the borrower to their lender.
This new guidance does answer some questions that have been asked since the program was rolled out like "How do I calculate the reduction in FTE's?," but there are still some questions that we don't have an answer to yet, such as "What are transportation utilities?"
If we can assist you in explaining the programs' provisions, analyzing the potential benefits or helping you with gathering the needed information, please call any Sponsel CPA Group Team member or our colleagues listed below.
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