On Friday, the Small Business Administration (SBA) released the highly anticipated Paycheck Protection Program Loan Forgiveness Application (Form 3508).
The document includes the following:
- PPP Loan Forgiveness Calculation Form (plus Instructions)
- PPP Schedule A (plus Instructions)
- PPP Schedule A Worksheet (plus Instructions)
- Documents that Each Borrower Must Submit with PPP Loan Forgiveness Application
- PPP Borrower Demographic Information Form (Optional)
The application and instructions include guidance on several provisions including listing the documentation requirements to be submitted with the forgiveness application.
The SBA has also provided a simplified calculation of FTE for determining loan forgiveness which includes 40-hour employees as one and those working less than 40 hours as a half employee. The instructions confirm that the restoration of payroll and headcount by June 30 will be a safe-harbor for forgiveness reduction.
Helping You with PPP Loan Forgiveness
McConnell & Jones’ Business Solutions Team offers high-level outsourced accounting and bookkeeping services to businesses and nonprofits throughout the country. Our services are designed to assist with all back-office reporting needs including reporting and documentation related to PPP Loan Forgiveness. Our team is managed remotely, and our engagements are completed virtual through cloud-based tools and fully encrypted software which protects your information and promotes transparency.
Some of the tasks we can assist with include:
- Financial Monitoring and Measurement
- Account Reconciliation
- Process Development / Improvement
- Internal Management Reports
- Financial Modeling
- Cash Flow Analysis
- Budgeting / Forecasting
- Financial Statement Preparation
Contact Our Team: