PPP Forgiveness Simplification for Loans <$50,000

Recipients of PPP loans of $50,000 or less will be able to apply for forgiveness using a simplified application. PPP borrowers of less than $50,000 are also exempted from forgiveness reductions for reducing full-time equivalent employees and reducing employee salary or wages. 68% of the total loans approved by the SBA were less than $50,000, and about 11% of the total PPP funds received were made up of loans that were $50,000 or less. There will still be some verification required in the forgiveness process, but for the loans less than $50,000 the process will be simpler than what was previously announced.

For additional information and to see copies of the application, click here for an article from the AICPA.