The SBA has released a new interim final rule (IFR) providing exemptions for PPP loans of $50,000 or less.
PPP loans of $50,000 or less are now exempted from any reductions in forgiveness based on (1) reductions in full-time-equivalent (FTE) employees and (2) reductions in employee salary or wages.
PPP loans of $50,000 or less are now exempted from any reductions in forgiveness based on (1) reductions in full-time-equivalent (FTE) employees and (2) reductions in employee salary or wages.
Yesterday the SBA released a new forgiveness application for loans falling into this new threshold, SBA Form 3508S.
For additional details, check out the latest Journal of Accountancy article on this update.
If you have questions, remember to contact your accountant and follow us on LinkedIn to stay up to date on all of our posts.
For additional details, check out the latest Journal of Accountancy article on this update.
If you have questions, remember to contact your accountant and follow us on LinkedIn to stay up to date on all of our posts.
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