Online Job Profile Ppp Forgiveness Application Requirements

October 8th the sba and treasury department have announced a simpler ppp forgiveness application for loans of 50000 or less.

Job lot in quincy application software history. For example at least 60 of your loan forgiveness amount must be attributable to payroll costs. While applying for forgiveness may still seem daunting even with this simper form the ez form requires fewer calculations and less documentation for eligible borrowers. Paycheck protection program ppp ez loan forgiveness application form.

Loan forgiveness application revised june 16 2020 expiration date. 10312020 ppp schedule a ppp schedule a worksheet table 1 totals. The ppp loan may be forgiven in whole or in part if you use the funds as directed by the sba and meet certain criteria.

The ppp loan program restarted following the appropriation of new funding on friday april 24 2020. Three months after the launch of the paycheck protection program ppp many business owners are looking towards their ppp loan forgiveness applicationsthe small business administration sba recently released a new loan forgiveness application along with a simplified ez applicationthough the sba continues to issue updated guidance we finally have most of the information we need to move. Chicago business wire leading advisory tax and assurance firm baker tilly virchow krause llp baker tilly launches a comprehensive paycheck protection program ppp portal that provides easy to use readily available tools for both borrowers and lenders in the loan forgiveness processdeveloped pursuant to the guidelines established by the coronavirus aid relief and economic security.

The ez application asks for the following information the numbers. This blog post explains why borrowers shouldnt rush their ppp loan forgiveness applications. Ppp loans are available for the lesser of 10 million or 25 times your average monthly payroll.

Borrowers who received paycheck protection program ppp loans under the coronavirus aid relief and economic security cares act are asking their cpas if and how they will qualify. Enter cash compensation box 1 from ppp schedule a worksheet table 1. Please share with clients who participated in the program.

Requirements for paycheck protection program loan forgiveness. Enter average fte box 2 from ppp schedule a worksheet table 1.