SBA and Treasury Department Release Simpler PPP Loan Forgiveness Application
The Small Business Administration (SBA) and Treasury Department released a simpler loan forgiveness application form for Paycheck Protection Program (PPP) loans of $50,000 or less. The new application attempts to streamline the PPP loan forgiveness process and provide administrative relief to small businesses.
Borrowers that use the new application form are exempt from reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages. The new form also does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review process.
To view the simpler loan forgiveness application click here.
(Source: NLBMDA News Alert, Oct. 2020)