On May 15, the Small Business Administration (SBA) released the long-awaited Payroll Protection Program Forgiveness Application. However, the SBA has failed to give clear guidance on the details of loan forgiveness, and this has caused entrepreneurs to question what they need to do to prepare for PPP loan forgiveness. New Timeline for PPP Loan Forgiveness. $2MYou must certify whether or not the total loan amount of your business, and/or your affiliated businesses, is $2M or above. Owner’s CapMany entrepreneurs have been struggling to calculate payroll costs because they pay themselves through owner’s draws, not a traditional payroll.

Source: Forbes May 19, 2020 12:11 UTC