A simplified application for Paycheck Protection Program (PPP) loan applicants who received $50,000 or less is available from the U.S. Small Business Administration (SBA) as of Thursday, October 9, 2020. The new interim final rule states that PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness, even if they had reductions in full-time-equivalents or employees’ salaries and wages.
There is a new application, SBA Form 3508S which can be used by borrowers, who are still required to make certain certifications and provide the lender certain documentation related to the payroll and non-payroll costs. Keep in mind, there are exceptions for use of the new form if the borrower, together with its affiliates, received PPP loans totaling $2 million or more.
Please send your questions to covid-19@sobelcollc.com and someone from the SobelCo COVID-19 taskforce will respond to your email.
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