The SBA began forgiving PPP loans on October 2. A few days later on Oct. 8, the Small Business Administration announced new, more lenient PPP Loan forgiveness. The announcement has links to the REVISED PPP LOAN FORGIVENESS APPLICATION, the INSTRUCTIONS FOR THE REVISED FORM, and the INTERIM FINAL RULE. Here is a link to the information and a summary of it, below:
For loans of $50,000 or less
- All loans will be forgiven, even if some the original parameters of the loan were unable to be followed, such as:
- The number of full-time equivalents was reduced
- The employees salaries and/or wages were reduced