SBA Provides Simplified Process for PPP Forgiveness for Loans of $50,000 or LessOctober 16, 2020
The 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.
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.