The Small Business Administration (SBA) has released the first major guidance regarding the forgiveness of loans made under the Paycheck Protection Program (PPP) by publishing the form of the PPP loan forgiveness application. The forgiveness application, which was posted to the U.S. Treasury’s website on May 15, provides some long-awaited and much needed clarity regarding the calculation of forgivable expenses and the statutory reductions in the amount eligible for forgiveness based on reductions in employee compensation and headcount. The application also contains a number of borrower certifications and outlines the extent of the documentation that borrowers will be required to reference in calculating the forgiveness amount.

Continue reading on BassBerry.com to learn more about:

  • Forgivable Expenses.
  • Reductions to the Forgivable Amount.
  • Application Process and Certifications.

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Photo of Todd Overman Todd Overman

Todd Overman has over fifteen years of experience advising companies on the unique aspects of doing business with the federal government. Over the last decade, he has advised on more than 50 transactions involving the purchase or sale of a government contractor.

Photo of John Fuller John Fuller

John Fuller advises clients in complex corporate transactions, including representing investors and venture fund and private equity backed companies in joint ventures, LLCs, business formation and other strategic organizational and financing transactions. His clients range from established public and private companies to emerging…

John Fuller advises clients in complex corporate transactions, including representing investors and venture fund and private equity backed companies in joint ventures, LLCs, business formation and other strategic organizational and financing transactions. His clients range from established public and private companies to emerging start-ups across a range of industries including sports, media, healthcare, food service and technology. John has counseled private equity and venture capital investment funds and their portfolio companies on more than $1 billion in mergers and acquisitions as well as numerous venture capital financing transactions.

Photo of Riney Green Riney Green

Riney Green has more than 25 years of experience guiding companies and private equity sponsors through complex mergers, acquisitions, joint ventures, dispositions, recapitalizations, equity offerings and other strategic growth initiatives. He has extensive experience in providing transactional and corporate governance counsel to both…

Riney Green has more than 25 years of experience guiding companies and private equity sponsors through complex mergers, acquisitions, joint ventures, dispositions, recapitalizations, equity offerings and other strategic growth initiatives. He has extensive experience in providing transactional and corporate governance counsel to both private equity-backed and publicly traded companies and substantial nonprofit organizations in a variety of industries, including healthcare, manufacturing, commercial real estate, education and financial services.

Photo of Davis Mello Davis Mello

Davis Mello represents buyers, sellers, investors and operators across a variety of industries in connection with mergers, acquisitions, divestitures, recapitalizations, growth equity investments, venture capital financings and other strategic corporate transactions. Davis also advises clients on corporate governance, compliance and other general corporate…

Davis Mello represents buyers, sellers, investors and operators across a variety of industries in connection with mergers, acquisitions, divestitures, recapitalizations, growth equity investments, venture capital financings and other strategic corporate transactions. Davis also advises clients on corporate governance, compliance and other general corporate matters.