SBA Releases PPP Forgiveness Form

But AICPA Urges More Details



The U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, released an application form Friday for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form.

The form and instructions offer borrowers details on how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136 and additional guidance such as FAQs and interim final rules.

The AICPA responded to the loan forgiveness application with a news release Saturday saying that while the document and instructions help address some administrative questions, they leave major issues unresolved.

Specifically, the AICPA said, small businesses still need flexibility on when the eight-week loan forgiveness period should start, or they need to have the covered period extended to more than eight weeks.

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Source: Journal Of Accountancy

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