A simplified forgiveness application was released for businesses that received $50,000 or less in Paycheck Protection Program (PPP) loans. It is unclear when or how banks will start using the updated application, so we encourage you to contact your lender before applying for forgiveness.
The new application is designed to simplify the forgiveness process. Borrowers of $50,000 or less are now exempt from eligible forgiveness reductions for:
- Reducing the salary or hourly wage of an employee, who earned less than $100,000 in 2019, during the covered period
- Reducing full-time equivalent employees during the covered period
Download the instructions for the new form. If you have questions on how these updates could impact your business, please contact us for personalized assistance.