New PPP Loan Forgiveness Application for Loans $50,000 or Less
The Department of Treasury introduced a new, easier PPP loan forgiveness application on October 8, 2020. It is for companies that have received PPP loans of $50,000 or less. No calculations for loan forgiveness are needed as borrowers won’t be subject to FTE or wage reductions. Borrowers should still keep all relevant records of payroll and qualified expenses in case they are requested by the SBA or an audit happens in the future.
If you have any questions about your PPP Loan or applying for loan forgiveness, we can help. Contact us and we will be happy to help you gather documentation and assist you in filling out your application to receive maximum forgiveness.