SBA Provides Simplified Process for PPP Forgiveness for Loans of $50,000 or Less
October 16, 2020The new loan forgiveness form requires fewer calculations and less documentation for eligible borrowers, including the elimination of a requirement to show calculations used to determine borrower loan forgiveness, through SBA may still request that information as part of the review process. Borrowers with loans of $50,000 or less are also now exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
Information on new instructions for PPP borrowers of $50,000 or less can be found here, with the new, simpler form for PPP forgiveness available here.
Michigan businesses received 128,159 Paycheck Protection Program loans, as of August, totaling more than $16 billion in support. Additionally, 83,926 businesses received SBA Disaster Assistance EIDL loans totaling $4.35 billion.
View the full announcement from the Michigan Economic Development Corp.