On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less.
Instructions for the new $50k PPP forgiveness form say it “requires fewer calculations and less documentation for eligible borrowers” and borrowers “are exempt from reductions in loan forgiveness amounts based on reductions in [FTE] employees or in salaries or wages”.
The new IFR also addresses the lender review process for ALL loans. Appears there is no need for lender to perform a good faith review on all costs… just those needed to get 100% forgiveness.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.