Oct 9, 2020 | COVID-19, MBE CPAs

Last Updated: October 23, 2020

Streamlined Forgiveness Application: PPP Loans of $50K or Less

The SBA released a streamlined loan forgiveness application for PPP loans totaling $50,000 or less. With this two-page application, fewer calculations and less documentation are required, however, it’s recommended to retain those documents and calculations in the event they are requested by the SBA as part of its loan review process.  In addition, the borrower is exempt from any reductions in their loan forgiveness amount based on reductions in FTE’s or reductions in employee salary or wages that would otherwise apply.

For instructions visit https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S%20Instructions.pdf. And to apply go to https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S.pdf and discuss with your lender.