Under the CARES Act, a recipient of a Paycheck Protection Program (“PPP”) loan may be excused from the obligation to repay the loan if certain “Forgiveness Criteria” are met.
On Friday, March 15, 2020, the Treasury Department released the Paycheck Protection Program Form Loan Forgiveness Application (the “Forgiveness Application”). The Forgiveness Application is the first articulation of the specific rules and standards that apply to the calculation of PPP loan forgiveness.
It is critical that loan recipients that intend to request forgiveness fully understand the elements and requirements of the Forgiveness Application.
Learn more in our COVID-19 Alert.