UPDATE FOR PPP LOANS OF $50,000 OR LESS

The SBA and Department of Treasury have jointly posted a new rule affecting the forgiveness and loan review processes for borrowers with Paycheck Protection Plan loans of $50,000 or less.  

These borrowers are now exempt from any reduction in forgiveness based on the reduction in the number of FTE employees or employee salaries or wages. 

They can also use SBA Form 3508S to apply for forgiveness, unless the borrower and its business affiliates received loans totaling $2 million or more.  Supporting documentation must still be submitted to their lender.  

The program has expired, so these conditions only apply to existing loans.