Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application. Borrowers of $50,000 or less are exempted from any reductions in forgiveness for reductions in full-time equivalent employees or reduction in employee salary or wages. As a result, borrowers will not be required to perform potentially complicated employee and salary reduction calculations. Borrowers will still have to make certifications and provide documentation to the lender for payroll and nonpayroll costs.

October 28, 2020 2:57 pm