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Paycheck Protection Program OMB Control Number 32450407 Expiration Date: 10/31/2020Loan Forgiveness ApplicationLOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS To apply for forgiveness of your

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How to fill out ppp forgiveness application

01

To fill out the PPP forgiveness application, follow these steps:

02

Gather the required documents, such as payroll reports, utility bills, and rent/lease agreements.

03

Start with the basic information section of the application, providing details about your business, loan amount, and disbursement date.

04

Proceed to the Covered Period section and select the applicable covered period for your expenses.

05

Fill out the Payroll Costs section, providing information about payroll expenses, including gross wages, employer-paid taxes, and benefits.

06

Complete the Nonpayroll Costs section, including information about rent/lease payments, utility payments, and interest on mortgage obligations.

07

If you have made any other eligible expenses, fill out the Other Costs section accordingly.

08

Calculate the forgiveness amount by subtracting any reductions due to salary/wage reductions or FTE employee reductions.

09

Provide any additional required documentation, such as FTE reduction exceptions or documentation for certain nonpayroll expenses.

10

Sign and date the application.

11

Submit the completed application and all supporting documents to your PPP lender.

Who needs ppp forgiveness application?

01

Businesses that have received a Paycheck Protection Program (PPP) loan and want to have the loan forgiven are required to fill out the PPP forgiveness application.

02

PPP borrowers who have used the loan proceeds for eligible expenses, such as payroll costs, rent/lease payments, utility payments, and interest on mortgage obligations, need to complete the forgiveness application to request forgiveness of the loan.

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What is ppp forgiveness application?

The PPP forgiveness application is a form that allows borrowers to apply for loan forgiveness under the Paycheck Protection Program (PPP).

Who is required to file ppp forgiveness application?

Any borrower who received a PPP loan is required to file a forgiveness application in order to potentially have their loan forgiven.

How to fill out ppp forgiveness application?

Borrowers must carefully follow the instructions on the forgiveness application form provided by their lender and submit all required documentation.

What is the purpose of ppp forgiveness application?

The purpose of the PPP forgiveness application is to request forgiveness of a PPP loan based on compliance with program requirements, particularly regarding the use of funds for specific purposes such as payroll costs.

What information must be reported on ppp forgiveness application?

Borrowers must report detailed information about how they used the PPP funds, including payroll costs, rent or lease payments, utilities, and other qualifying expenses.

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