Click to download the forgiveness application (see note from the SBA below)
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the borrower) must complete this application as directed in these instructions and submit it to your lender (or the lender that is servicing your loan).
Borrowers may also complete this application electronically through their lender. This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All borrowers must submit (1) and (2) to their lender.
This information is provided directly from the SBA: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-8
Updated Forgiveness Notes
Forgiveness has been outlined by the SBA as “employers maintaining or quickly rehiring employees and maintaining salary levels.” The SBA provided some additional bullet points to clarify the forgiveness period and guidelines.
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan-forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan-forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
Coaching Session
NCLL attorneys are offering coaching sessions to help you make the best decisions for your ministry in regard to utilizing PPP money. Contact our office today at 888-233-6255 or by email at info@ncll.org to set up your coaching session.
Paycheck Protection Program Interim Final Rules
The SBA has issued the following Interim Final Rules related to the Paycheck Protection Program:
- Paycheck Protection Program
- Affiliation Rules
- Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck Protection Program
- Promissory Notes, Authorizations, Affiliation, and Eligibility
- Seasonal Employers
- Disbursements
- Requirements – Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders
- Nondiscrimination and Additional Eligibility Criteria
- Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request
- Requirements for Loan Increases for Partnerships or Seasonal Employers
- Eligibility of Certain Electric Cooperatives
- Treatment of Entities with Foreign Affiliates
- Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register
- Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting
- Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register
