On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less.
Instructions for the new $50k PPP forgiveness form say it “requires fewer calculations and less documentation for eligible borrowers” and borrowers “are exempt from reductions in loan forgiveness amounts based on reductions in [FTE] employees or in salaries or wages”.
The new IFR also addresses the lender review process for ALL loans. Appears there is no need for lender to perform a good faith review on all costs…just those needed to get 100% forgiveness.
Here is a link to a good summary that also contains links to the IFR and the PPP loan forgiveness applications for loans $50K or less.
By Mark Friedlich, Esq., CPA.