PPP Loan Forgiveness Program – Application Process
PPP Loan Forgiveness Program
The time for submitting your PPP Loan Forgiveness application is approaching. At this time, Outstaffing is working closely with Paylocity and we’re still awaiting final guidance on the forgiveness process from the Small Business Administration (SBA). It appears that, as the PPP application process has been extended to June 30th, most lenders (banks) won’t be opening up the PPP Loan Forgiveness process until sometime in July. In addition, please be aware that the PPP Flexibility Act extends the covered period from 8 to 24 weeks.
Each Outstaffing Client that has applied for and received a PPP Loan will have to work directly with their lender to complete all the steps the SBA requires in completing the SBA Form 3508, and provide the supporting Loan Forgiveness documentation. Paylocity has provided an information page (link below) that you and your CPA may find helpful.
In the meantime, we have learned that Paylocity has developed a series of 3 reports (See the PPP Loan Forgiveness Reports Overview) that will assist you in completing your Forgiveness Application. These can only be run by Outstaffing, so when you are ready please call me as certain date-range parameters may be required for some of the reports. Therefore,Outstaffing will only run these reports for you when requested. The 3 Paylocity reports are explained in the following documents:
- PPP Loan Forgiveness – Schedule A FTE Report
- PPP Loan Forgiveness – Schedule A Worksheet Report
- PPP Loan Forgiveness – Payroll Data Export Report
We also encourage you to familiarize yourself with the forgiveness application and keep detailed records of how your business is using PPP funds for eligible payroll and expenses. For information on the PPP and loan forgiveness, please visit the SBA’s website as well as the CARES Act section of the Treasury’s website.