On May 15, 2020, the Small Business Administration (the “SBA”) released the Paycheck Protection Program Loan Forgiveness Application (the “Application”) for borrowers of Paycheck Protection Program (the “PPP”) loans to apply to have their PPP loan forgiven. Totaling 11 pages in length, including instructions and worksheets, the Application specifies in detail how PPP loan borrowers are to calculate the amounts of their PPP loans eligible to be forgiven, information previously spread across the PPP statute and subsequent regulatory guidance. While the Application clarifies several points about PPP loan forgiveness, it also raises new questions and leaves some old questions unanswered. In addition, the Application introduces new rules not previously reflected in the PPP statute and guidance.