Top 5 Paycheck Protection Program (PPP) forgiveness questions

A newly posted frequently asked questions on PPP forgiveness document answers many common questions including these top five:

Question: Are payroll costs that were incurred before the Covered Period but paid during the Covered Period eligible for loan forgiveness?
Answer: Yes.
Question: Are only salaries or wages covered by loan forgiveness, or can a borrower pay lost tips, lost commissions, bonuses, or other forms of incentive pay and have such costs qualify for forgiveness?
Answer: Payroll costs include all forms of cash compensation paid to employees, including tips, commissions, bonuses, and hazard pay. Note that forgivable cash compensation per employee is limited to $100,000 on an annualized basis.
Question: Are nonpayroll costs incurred during the Covered Period, but paid after the Covered Period, eligible for loan forgiveness?
Answer: Nonpayroll costs are eligible for loan forgiveness if they were incurred during the Covered Period and paid on or before the next regular billing date, even if the billing date is after the Covered Period.
Question: If a borrower elects to use the Alternate Payroll Covered Period for payroll costs, does the Alternate Payroll Covered Period apply to nonpayroll costs?
Answer: No. The Alternate Payroll Covered Period applies only to payroll costs, not to nonpayroll costs. The Covered Period always starts on the date the lender makes a disbursement of the PPP loan. Nonpayroll costs must be paid or incurred during the Covered Period to be eligible for loan forgiveness. For payroll costs only, the borrower may elect to use the Alternate Payroll Covered Period to align with its biweekly or more frequent payroll schedule.
Question: For purposes of calculating the loan forgiveness reduction required for salary/hourly wage reductions in excess of 25% for certain employees, are all forms of compensation included or only salaries and wages?
Answer: For purposes of calculating reductions in the loan forgiveness amount, the borrower should only take into account decreases in salaries or wages.

PPP Forgiveness applications and instructions

Borrowers will apply for loan forgiveness through the lender that provided funding. Some lenders may direct you to a forgiveness application on their website or may request you submit one of SBA's forgiveness forms that you can download below.