The SBA and the Treasury recently made new PPP loan forgiveness applications available, which reflect some new changes to the PPP forgiveness details. Read more about the updates and see links to the new forgiveness applications in this article from the AICPA.
Some of the recent updates include:
- a simplified application for self-employed borrowers
- the covered period can be extended from 8 weeks to 24 weeks
- forgiveness for employees is now $46,154 and for owners it is now $20,833 for the 24 week covered period
- only 60% of the PPP funding is required to be spent on payroll costs (it was originally 75%)
The application deadline for new PPP loans remains June 30, 2020.