The Governmental Affairs Committee of the Elmhurst Chamber of Commerce & Industry is sharing information from the United States Chamber of Commerce outlining guidelines for Paycheck Protection Program (PPP) loan forgiveness, as requireded by the U.S. Treasury Department and the U.S. Small Business Adminitration (SBA).
Under the recent $3 trillion federal Coronavirus, Aid, Relief and Economic Stability (CARES) Act, PPP recipients may be given loan forgiveness if the borrower used the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department and SBA recently released the application form and instructions for loan forgiveness approval. Click HERE to access and download the required forgiveness forms, instructions and worksheets.
PPP borrowers must apply for loan forgiveness with the lender that processed their loan with the SBA. The U.S. Chamber’s four-page “Guide to PPP Loan Forgiveness” is designed to help borrowers understand the process by which their loan forgiveness amount will be calvulated and the overall approach of the loan forgiveness process.