- The following must be provided to the Lender:
- documentation verifying the number of full time equivalent employees on payroll and pay rates including payroll tax filings reported to the IRS and State income, payroll, and unemployment insurance filings;
- documentation, including cancelled checks, payment receipts, transcripts of accounts, or other documents verifying payments on covered mortgage obligations, payments on covered lease obligations, and covered utility payments.
- certification from a representative of the eligible recipient authorized to make such certifications that:
- the documentation presented is true and correct; AND
- amount for which forgiveness is requested was used to retain employees, make interest payments on a covered mortgage obligation, make payments on a covered rent obligation, or make covered utility payments;
- any other documentation the administrator determines is necessary.
- No eligible recipient shall receive forgiveness without submitting to the lender that is servicing the covered loan the documentation required.
- The timing of Loan Forgiveness Decision will be no later than 60 days after the date on which a lender receives an application for loan forgiveness from an eligible recipient, the lender will issue a decision on an application.
- Any amount which would be includible in gross income of the eligible recipient by reason of forgiveness is excluded from gross income.
1-888-692-2654
