SBA Issues New Interim Final Rule Simplifying PPP Loan Forgiveness
On October 8, 2020, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) and a new Paycheck Protection Program (PPP) loan forgiveness application, Form 3508S, greatly simplifying the PPP loan forgiveness process for borrowers with PPP loans of $50,000 or less (except for borrowers that together with their affiliates received PPP loans of $2 million or more). Importantly, borrowers that can use Form 3508S are exempt from the workforce (FTE) and wage and salary reductions to forgiveness.
Form 3508S and the instructions are available at: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
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