No. Do not offset SBA Loan Forgiveness amounts against expenses unless those amounts are attributable to specific claims such as payments for the uninsured. The Paycheck Protection Program loan administered by the SBA is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The terms and conditions of the SBA loan forgiveness, overseen by the SBA, include employee retention criteria, and the funds must be used for eligible expenses.
Recipients may find additional information at:
https://www.sba.gov/fundingprograms/loans/coronavirus-relief-options/paycheck-protection-program
and
https://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-FAQs.pdf.
New: 8/26/2020