Click here to access the PPP Loan Forgiveness Application and Instructions
On Friday, May 15, 2020, the SBA released the Loan Forgiveness Application and instructions for borrowers receiving funds under the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
To apply for forgiveness of the PPP loan, a borrower must complete the application, found at https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf, and submit the completed application to the lender servicing the loan.
While the SBA has stated that it plans to issue additional regulations and guidance to further assist borrowers as they complete their applications, the form and instructions notably provide the following measures to reduce compliance burdens and simplify the process for borrowers:
Taylor Porter attorneys continue to closely monitor the developments of the SBA loan programs and the CARES Act. Click here to review recent SBA loan forgiveness guidance, and click here for loan forgiveness general rules.
Visit the Taylor Porter Coronavirus - Legal News and Business Resources website for updated legislation, news, and legal developments pertaining to COVID-19.
About Bob Barton: Taylor Porter Managing Partner Bob Barton, practicing law since 1994, represents local and national businesses in matters involving commercial litigation and transactions, regulatory and compliance matters, and general litigation. He is the co-chair of the firm's Business and Commercial Litigation practice. Bob has been selected for inclusion in both Louisiana Super Lawyers and Best Lawyers in Business Litigation.
About Ashley Carver Meredith: Taylor Porter Associate Ashley Carver Meredith practices in a wide array of areas including business law, commercial transactions, banking, commercial litigation, and health care compliance. Ashley earned her J.D. in 2014 from the Paul M. Hebert Law Center. Ashley graduated in 2011 from Louisiana State University, where she received her bachelor of arts in Mass Communication and minored in Political Science. She was also a member of LSU Honors College.
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