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The U.S Treasury and Small Business Administration (SBA) recently released new forms to simplify the Paycheck Protection Program’s forgiveness process for loans under $50,000. The SBA and Treasury also eased the burden on PPP lenders, allowing them to process forgiveness applications more swiftly.
A new Interim Final Rule (IFR) allows PPP borrowers of $50,000 or less to be exempt from any reductions in forgiveness based on:
Access the Simpler Loan Forgiveness Application.
View the instructions for completing the Simpler Loan Forgiveness Application.
View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
For more details: SBA.gov
We are happy to discuss how this may impact your Accounting, Bookkeeping, and/or Business Tax Planning.