PPP Loan Forgiveness Application and related instructions help small businesses seek forgiveness at the conclusion of the covered period, which begins with the disbursement of their loans. 

PPP loans provide an incentive for small businesses & non-profits to keep workers on payroll. Loans are forgiven if all employees are kept on payroll for eight weeks and loan funds are used for payroll and other designated operating expenses. 

See below for more detail on updates including reduced percentage required to be spent on payroll costs, an extended loan forgiveness period and increased loan term.