Application for PPP Loan Forgiveness Now Available
(May 21, 2020)
CLEVELAND, TN: On Friday, May 15, 2020, the Small Business Administration released the application that must be filed to seek forgiveness for loans received under the Paycheck Protection (PPP) provision of the CARES Act. While the application to receive a PPP loan was only four pages long, the Loan Forgiveness Application is eleven pages long. Additional regulations and guidance concerning the forgiveness program are expected in the coming days. Further, Congress is expected to take up legislation as soon as this week that could change how the forgiveness process works.
To review the Forgiveness application, you may click here.
Because of the complicated nature of the forgiveness process, the Church of God has obtained permission from CapinCrouse to provide their summary information to our churches. CapinCrouse is a full-service CPA and consulting firm devoted to serving over 1,500 nonprofit organizations through 15 offices nation-wide. The following information is provided by CapinCrouse:
Organizations that received a Paycheck Protection Program (PPP) loan can apply for loan forgiveness. This article from CapinCrouse discusses the major guidance contained within the Paycheck Protection Program Loan Forgiveness Application and instructions, including:
The Small Business Administration’s response to managing the eight-week Covered Period
Non-payroll related expenses paid outside the Covered Period
Computation of full-time equivalent employees
… and several other important topics
You can access the article on the CapinCrouse website.
All churches that received funding under the PPP program should carefully review the CapinCrouse information and the Forgiveness Application well before time to seek forgiveness.
Notice will be provided through this site if additional changes are made to the forgiveness process.