Loans provided to small businesses under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security (CARES) Act may be forgiven under certain circumstances. On May 15, the U.S. Small Business Administration published an application form and instructions for businesses to use in applying for forgiveness. (A detailed analysis of the new form and instructions, including a comprehensive example of how the forgiveness calculations are made, is available in the ASA issue paper “PPP Loan Forgiveness Application and Instructions Provide Details on Calculation of the Loan Forgiveness Amount.”)

Congress is expected to change some key dates that could affect loan forgiveness calculations. Employers may, as a result, adjust their plan regarding when loan forgiveness applications are filed.