The application process for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) began on April 3. Since then, over a million businesses, including many physicians, dentists and small practice groups trying to keep their practices afloat, have scrambled to complete the borrower application form and gather the supporting documentation to submit to their lenders. Borrowers are now beginning to be notified that their application has been approved, and some have already received their loan proceeds. Those who did not act fast enough have unfortunately missed the boat—as of April 16, the SBA announced it officially ran out of money, hitting its $350 billion cap under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is possible that this cap will be increased by Congress by the time this article is published.

Now that many small businesses have actually received their PPP loan funds, thereby triggering the eight-week coverage period, the fundamental question has become: How much of my loan will be forgiven, and what will I need to do to apply for forgiveness?