10 takeaways on the PPP loan forgiveness application
On May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (SBA Form 3508). While the application clears up several of the outstanding questions that borrowers may have with regards to forgiveness eligibility, there are still some questions left unaddressed.
As a crisis management professional, I have been immersed in all things related to the PPP for several months, and so I would like to share my top 10 takeaways from the application. This list is not intended to be all-encompassing, but focuses on those issues that have provided some of the bigger questions over the past weeks.
Please note that there are still several moving parts and many of the calculations involve some decisions that need to be made in key areas. Businesses will need to work with their financial, accounting or consulting specialists to make sure they are able to maximize forgiveness.