Great news if you borrowed $50,000 or less in PPP Loans!

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The federal government announced yesterday major changes to the current PPP loan forgiveness process for those who borrowed $50,000 or less in PPP loans. The borrowers can now use a simpler application, Form 3508S. The changes include:

• • The new application doesn’t require borrowers to show how they calculated their loan forgiveness amount.
  • It appears not to reduce the forgiveness amount by an Economic Injury Disaster Loan advance (EIDL) received of up to $10,000.
  • The total amount eligible for forgiveness is not subject to a reduction if a recipient reduced the salaries or headcount of its employees.

These are not applicable to those who borrowed more than $50,000.

Click here to Form 3508S.

Compiled by Dao CPA PC Staff from SBA publications