The Small Business Administration (SBA), in consultation with the Department of the Treasury, has released the Loan Forgiveness Application for the Paycheck Protection Program (PPP). The form, which includes instructions, details how borrowers may apply for forgiveness of PPP loans which were made available by the CARES Act.
The CARES Act provides for forgiveness of PPP loans used to help keep employees working during the COVID-19 pandemic if certain conditions are met. A number of churches have applied for these loans.
In connection with this, the Evangelical Council for Financial Accountability (ECFA) recently sponsored a free webinar to help churches and other non-profits work through the forgiveness process. Featuring CPA Mike Batts, the presentation is available free, but you do need to register through the ECFA's ChurchExcel if you are not already a member. There is no charge for becoming a member.
For instructions and the SBA forgiveness application, visit this link.