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On October 8, 2020, the Small Business Administration and the U.S. Treasury issued new guidance for small business borrowers with loans totaling $50,000 or less under the Paycheck Protection Program. The new guidance enables borrowers to receive complete loan forgiveness provided they file the right paperwork.
Borrowers with one or more employees other than the owners, and who received a PPP loan of $50,000 or less, can fill out the two-page PPP Loan Forgiveness Application Form 3508S.
The streamlined application requires the borrower to fill in loan information, sign off on borrower certifications, and include the supporting documentation for the eligible costs included in the forgiveness amount entered. Borrowers using the streamlined application are exempt from reductions in loan forgiveness stemming from reductions in full-time equivalent employees or from reductions in salaries or wages. View the application instructions here.
Delap can help you navigate the PPP loan forgiveness process.