There are lots of details and nuances to the federal Paycheck Protection Program. I’m not up to speed on PPP so I won’t be commenting on the program, especially the forgiveness rules.
There is a growing volume of information on the ‘net describing the program. Here are some resources you can check out to learn more.
SBA forgiveness application
5/15/20 – Small Business Administration – Paycheck Protection Program Loan Forgiveness Application,” Small Business Administration, – The SBA published the text of the forgiveness application.
Commentary on forgiveness application
5/16/20 – Ed Zollars at Current Federal Tax Developments – PPP Loan Forgiveness Application and Instructions Released by SBA – A very long and veeeery detail explanation of the applicaiton and instructions.
5/16/19 – Tony Nitti at Forbes – SBA Releases Paycheck Protection Program Loan Forgiveness Application: A Deep Dive – Another helpful and detailed discussion.
There are still many unanswered questions. Keep you eyes open for more articles of interest.
Update: 5/19/20 – Batts Morrison Whales & Lee – SBA Issues PPP Loan Forgiveness Application and Instructions / Many Questions Answered – Some Lack of Clarity Remains – Another great explainer.
5/17/20 – Wall Street Journal – U.S. Expected to Revise Small-Business Aid Program – Speculation is for possible expansion of the 8 week time limit to spend funds and relaxation of BA’s 75% requirement for payroll costs. Keep in mind those are guesses and possiblities.