On Friday, May 15th, the Small Business Administration (SBA) released the application borrowers need to seek forgiveness for a Paycheck Protection Program (PPP) loan.
While the application included some instructions, the SBA still needs to release rules on how the forgiveness process will work for both borrowers and lenders. As a result, BlueVine will not be able to accept the PDF form at this time via email or any other means. BlueVine will be releasing an online forgiveness application, pending SBA guidelines, thus filling out the paper version from the SBA may help you complete our online processes faster.
In addition, you may want to start pulling together forgiveness related documentation until further direction is provided by the SBA. The SBA’s form implies that the following documentation may be needed to seek forgiveness:
- For payroll expenses:
- Filed or draft form 941s to demonstrate payroll amounts paid during the forgiveness period
- Bank account statements from the forgiveness period
- Payment receipts or account statements for healthcare and other permitted benefit expenses
- For business mortgage expenses:
- Account statements showing interest amounts paid during the covered period
- For lease expenses:
- Account statements, or a copy of your lease and receipts/canceled checks showing payments during the covered period
- Business utility expenses:
- Invoices AND proof of payment, such as canceled checks or account statements