Paycheck Protection Program (PPP) Loan Forgiveness Application

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paycheck protection program loan application

Paycheck Protection Program (PPP) Loan Forgiveness Application

On Friday, May 15th the SBA has released their forgiveness application with detailed instructions on how to complete the form.   While the release promised further guidance on loan forgiveness, Innovative has received a lot of questions surrounding the calculation of Full Time Equivalent (FTE) Employees and payroll costs that employers must report on their application.

A few highlights relating to these questions are summarized below:

Payroll Cost Calculation

FTE Employee Calculation

The full text of the release and information is available here:

https://home.treasury.gov/news/press-releases/sm1010

https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

As additional guidance is issued, Innovative will continue to provide updates on the impact to employers. Innovative Benefit Planning is here to assist any employers with questions relating to the CARES Act, a PPP Loan, or any other COVID-19 related inquiries.

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