PPP Forgiveness Simplification
A new simplified forgiveness application was provided today by the U.S. Treasury and the SBA. To use the new simplified form to apply for forgiveness, borrower’s loans must be $50,000 or less. Under the Interim Final Rule (IFR), qualifying PPP borrowers are exempted from any reductions in forgiveness based on:
- Reductions in full-time-equivalent (FTE) employees; and
- Reductions in employee salary or wages.
