Borrowers are required to submit the Application prior to receiving PPP loan forgiveness. The Application, along with its accompanying instructions and schedules (Schedule A and Schedule A Worksheet), shed light on many questions that have followed the PPP since its creation. Below is a summary of several notable guidance points from the Application and its related documents. We caution that this summary is not exhaustive; the Application instructions contain extensive details pertaining to the calculation of forgiveness amounts, which we have omitted here for the sake of brevity. For more information regarding any of the sections below, please contact a member of Reed Smith’s CARES Act task force.
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