The SBA and Treasury have released the application form and instructions to obtain loan forgiveness. The application is submitted to the lender (not the government). Loan forgiveness applies certain expenses paid within the 8-week period (56 days) starting with the date of loan disbursement. The form limits forgiveness to 75% of payroll costs. Note: Congress is considering favorable changes to these rules.
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Alert: Follow coronavirus-related federal tax changes for your business through the IRS.