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.