The Forgiveness Application include processes to reduce borrower compliance matters and ultimately simplify the procedures that borrowers must take to apply for forgiveness of their PPP funding including:
- An “Alternative Payroll Covered Period” election that will enable borrowers to align the 8-week covered period with the borrowers’ regular payroll periods;
- The ability for borrowers to include eligible payroll and non-payroll expenses “paid” or “incurred” during the 8-week (56-day) period after receipt of the PPP funds;
- Detailed instructions of the calculations required for purposes of forgiveness (including FTE equivalency, reductions, etc.);
- Further explanation of the rehire and salary restore implications on or before June 30th;
- The development of a new exemption protecting borrowers for good-faith re-hire efforts for employees that decline the offer (electing to remain unemployed).
Download the application directly from the Treasury: Click this link