In the ever-changing world of business funding to fight the coronarivus emergency, the Payroll Protection Program (PPP) has been especially changing and even confusing, for borrowers and bankers alike.

The latest development includes the PPP loan Forgiveness Application, which was just released by the SBA and is available online at this link on their website.

Borrowers must complete the document fully. This is not something that should be hurried – it needs to be completed fully and accurately. Some lenders may offer the application online.

Note that the application has four main parts: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to their lender.

Many sources have pointed to a lot of debate over the complex rules and frequent changes to the regulations surrounding this important small business program. One recent dialogue in the Kansas City Business Journal can be found here.

One important note is that the government stressed from the beginning that three-fourths of these loans should be used for payroll – it’s called the Payroll Protection Program, after all! While other costs can be included, non-payroll costs will likely be a red flag.