Paycheck Protection Program Forgiveness UpdateAmina Vila
The SBA, in consultation with the Treasury Department, released a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to businesses with smaller loan amounts.
Specifically, under the IFR, 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 reduced form 3508S and the corresponding IFR are below for reference.
PPP Loan Forgiveness Application Form 3508S – Click Here
PPP – IFR – Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules – Click Here
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Source: Journal Of Accountancy