PPP Loan Forgiveness Simplified for Loans Less than $50,000
The Treasury and the Small Business Administration have announced a simplified application for borrowers with loans amounts less than $50,000.
Under the new ruling, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on:
- Reductions in full-time-equivalent (FTE) employees; and
- Reductions in employee salary or wages
The new form for simplified forgiveness can be found here.
The instructions for that new form are here.
If you have any questions about these changes, please contact Andrew Dengel at 920-921-3356 or [email protected]
