Application for PPP Loan Forgiveness
On May 15, 2020 the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions.
Our clients have received over $8 million to help their business survive the financial impacts of the pandemic, while being able to retain and pay their employees in spite of their cash flow being affected.
As of May 26, 2020 there was still almost $150 billion left in the program after the second round. So, if you haven't applied for the PPP loan - RBSK Partners believes you should consider it.
Look below for details of how to prepare:
Who: Companies that applied for PPP loans.
When: There are two very important pieces to the loan forgiveness process:
- The first, is that you must track your spending.
- The second, is that you must apply for PPP loan forgiveness at the end of the 24-week period after you received loans.
How: You have two options to complete your loan forgiveness application process:
- You can either self-track your spending and self-apply in conjunction with your bank. To find the application click here or,
- You may elect to choose to retain your trusted RBSK Partners PC advisor, thereby allowing us to facilitate the process to track and secure forgiveness in cooperation with your bank.
What: Included with the application are instructions that inform borrowers how to apply for forgiveness of their PPP loans. Additional guidance is needed from the SBA to further assist borrowers as they complete their applications. RBSK will release guidance as it becomes available.
The instructions include several measures to simplify the process for borrowers and to reduce compliance burdens, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles,
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the twenty four-week period after receiving their PPP loan,
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness,
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by December 31,
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.
Why: Due to the COVID-19 pandemic, businesses may be experiencing financial hardships. This potentially forgivable loan will cover payroll and certain other expenses.
You may be interested to know that RBSK can assist in tracking your spending and with loan forgiveness applications - right now. Our team can help you track and document all spending, to ensure that you'll be ready to apply for forgiveness.
Contact your trusted advisor at RBSK Partners PC to receive help at
For more information visit our COVID-19 Guidance Center.
This information has been provided by The Small Business Administration and has been used with their permission.
More guidance is needed with regard to the PPP loan forgiveness. The information above is guidance given at the present time that could change. As more guidance is given, we will update this information within our COVID-19 Guidance Center.
By electing to use RBSK Partners PC in an advisory capacity, we do not guarantee loan forgiveness eligibility nor acceptance of your application. Eligibility results vary due to specific circumstances. Please contact us if you have any further questions.
Tips of where to get your information about the virus
Indiana State Department of Health News ISDH.in.gov
World Health Organization WHO.int
Where to find local updates about the virus
Decatur County Health Department Facebook Page
Bartholomew County Health Department Facebook Page
Ripley County Health Department Facebook Page
Franklin County Health Department Facebook Page
North Vernon Plain Dealer & Sun Homepage
We are committed to serving clients with care, and we are confident we are taking precautionary measures to promote the health and safety of our staff and clients. We know that this is a stressful time for everyone, and we hope that you, your family and our community stay safe.
Please call us at if you have any questions