SBA Paycheck Protection Program Forgiveness Guide 

Importantly, up to 100% of each of these loans may be forgiven if borrowers comply with certain requirements imposed by law and the Small Business Administration (“SBA”). Such requirements include mainly that the recipient of a PPP loan uses the borrowed monies to cover eligible costs and maintain its payroll during the crisis.

When determining what portion of a PPP loan could be forgiven, the amount eligible for forgiveness must be determined. Then, certain deductions required by applicable laws and regulations must be made to such eligible amount.

 

Forgiveness Instructions

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What you need to know

We want you to be ready for the forgiveness stage. We share some responses to questions that you might be asking yourself regarding the possible forgiveness of your PPP loan.

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Checklist

It is necessary to provide the following documents within the request:

  • Provide payroll and workforce levels, so we may calculate the actual Forgiveness Loan Amount 2
    • Compensation Expenses for the eligible period
    • Non-payroll Expenses for the eligible period
  • Employee Levels Base - you will need employee levels and hours worked for the eligible periods
  • Payroll Registers
  • Bank Statements
  • Tax forms - IRS 941 or PR 941PR
  • Utility Statements (electricity, gas, water, transportation, or internet access)
  • Loan Statements or Lease Agreements

Note: Those self-employed and sole proprietors will also need the 1040 PR / IRS 1040 Schedule C forms.

Once all the documentation above is obtained, Oriental will evaluate your loan forgiveness application, inform you of its determination with respect to such application, and then submit it to SBA.

For additional information regarding PPP you can access www.sba.gov/ppp.

Additional Resources
  • Department of Treasury Information
  • SBA Information
  • 7 SBA Topics to Understand
  • Regular Application Instructions/Requirements
  • EZ Application Instructions/Requirements