PPP Forgiveness Simplification

Posted on Oct 9, 2020

A new simplified forgiveness application was provided today by the U.S. Treasury and the SBA. To use the new simplified form to apply for forgiveness, borrower’s loans must be $50,000 or less. Under the Interim Final Rule (IFR), qualifying PPP borrowers 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 form can be found here, and instructions here.