Downtown Fresno SBA district office via interiorintervention.blogspot.com

The U.S. Small Business Administration and Department of the Treasury on Monday released instructions for business owners receiving loans under the Paycheck Protection Program to have them forgiven.

The loan forgiveness form and instructions include “several measures to reduce compliance burdens and simplify the process for borrowers,” according to a news release from the Treasury Department.

The point of the program was for employers to rehire or retain workers during the coronavirus pandemic. When the PPP was announced, it stipulated that business owners must spend 75% of the funds on payroll costs.

The measures include an “alternative payroll covered period” meant to align with borrowers’ regular payroll cycles; flexibility to include eligible payroll and non-payrolls expenses during the eight-week period after receiving the loan; step-by-step instructions on how to confirm loan forgiveness eligibility and leeway for borrowers who made a “good-faith, written offer to rehire workers that was declined.”

For more information, and to view the application, visit the Treasury website.