• 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.
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