Paycheck Protection Program Forgiveness Update

The SBA, in consultation with the Treasury Department, released a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to businesses with smaller loan amounts.

Specifically, under the IFR, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on:

• Reductions in full-time-equivalent (FTE) employees; and
• Reductions in employee salary or wages.

The new reduced form 3508S and the corresponding IFR are below for reference.

PPP Loan Forgiveness Application Form 3508S – Click Here

PPP – IFR – Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules – Click Here

Connect With Our Team

For more information about paycheck protection or our tax and accounting services, please contact us here or call us directly at (616) 949-3200.

Email: info@hungerford.com
Phone: (616) 949-3200
Website: www.HungerfordNichols.com

Source: Journal Of Accountancy