COVID-19 Resource Center

November 12, 2020

U.S. Treasury and SBA Simplify PPP Loan Forgiveness Process

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: 

  • Reductions in full-time-equivalent (FTE) employees; and
  • Reductions in employee salary or wages.

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 AccountingBookkeeping, and/or Business Tax Planning.

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