The Small Business Administration (SBA) just issued much-awaited guidance, allowing borrowers to claim forgiveness of their Paycheck Protection Program (PPP) loans. Under the new procedures, a borrower must request the forgiveness of PPP loan proceeds by filing SBA Form 3508, Paycheck Protection Program Loan Forgiveness Application. The full application form and instructions can be viewed here.
Even with this guidance, there are still questions about the application instructions, and we anticipate the SBA to provide additional information soon. Mueller’s COVID Response Team is currently monitoring, reviewing, and providing guidance as it relates to application completions.
If your company received PPP funds and you are interested in assistance with the monitoring and forgiveness analysis or need professional advice on technical matters with respect to calculations, please contact your Mueller accounting advisor.