New Paycheck Protection Program Forms to Document Loan Forgiveness

New Paycheck Protection Program Forms to Document Loan Forgiveness

On June 17, the SBA published two new forms for borrowers to use to establish how much (if not all) of their PPP loan should be forgiven. The “long” form is the default, but it reflects the relaxed percentage and timing standards under the PPP Flexibility Act of 2020 (summary here).

A new, shorter “FA$TRAK” form is for (among others) borrowers who did not cut pay for their employees by more than 25% and did not reduce their head count or workers’ hours.