PPP Update - Forgiveness for Loans of $50K or Less

Last week the Small Business Administration announced that all Payroll Protection Program [PPP] Loans of $50,000 or less will be forgiven in full without having to adhere to the original parameters. Churches, nonprofits and small business owners who received $50K or less can fill out a simplified form on the SBA’s site. 

Though loans were originally required to be used for payroll, rent and utilities, small loans under $50K will be forgiven without scrutiny. At this time we encourage you to hold off applying for forgiveness until at least the end of October to see if the rules ease even further or the paperwork requirement is waived entirely for small loans. 

If you’d like to read more, we recommend these Philadelphia Inquirer or Journal of Accountancy articles.