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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

On Friday, May 15, 2020, the Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) loan forgiveness application. The application includes step-by-step instructions on how to apply for and calculate PPP loan forgiveness in compliance with the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

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The application consists of: (1)&nbsp;the PPP Loan Forgiveness Calculation Form; (2)&nbsp;PPP Schedule A; (3)&nbsp;the PPP Schedule A Worksheet; and (4)&nbsp;the PPP Borrower Demographic Information Form (optional). All borrowers must submit (1) and (2) to their lender, together with supporting documentation, described below.

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The form and instructions clarify several measures to reduce compliance burdens and simplify the forgiveness process for borrowers, including:&nbsp;

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Borrowers must submit the following documentation with its loan forgiveness application:&nbsp;

The application also states that the SBA will release additional regulations and guidance to further assist borrowers as they complete their applications and to provide lenders with guidance on lender requirements in the forgiveness process.

The PPP loan forgiveness application and instructions are available <a href="https://admin.wnj.com/wp-content/uploads/2022/07/SBA-Form-3508S.pdf" target="_blank" rel="noreferrer noopener">here</a>.

The instructions surrounding PPP loan use and forgiveness are complex and business specific. If you have concerns about the instructions, please contact <a href="http://wnj.com/people/ford-j-h-turrell" target="_blank" rel="noreferrer noopener">Ford Turrell</a>, <a href="http://wnj.com/people/timothy-hillegonds" target="_blank" rel="noreferrer noopener">Timothy Hillegonds</a>, <a href="http://wnj.com/people/rob-m-davies" target="_blank" rel="noreferrer noopener">Rob Davies</a>, <a href="http://wnj.com/people/matthew-m-crowe" target="_blank" rel="noreferrer noopener">Matthew Crowe</a> or your Warner attorney.

Financial Institutions

Partner

Matthew M. “Matt” Crowe

Rob M. Davies

Of Counsel

Timothy “Tim” Hillegonds

Ford J. H. Turrell

Corporate

SBA and Department of Treasury Release Paycheck Protection Program Loan Forgiveness Application and Instructions

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SBA and Department of Treasury Release Paycheck Protection Program Loan Forgiveness Application and Instructions

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