SBA Provides Simplified Process for PPP Forgiveness for Loans of $50,000 or Less
The U.S. Small Business Administration released a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to the more than 100,000 small businesses here in Michigan that have received PPP loans to date. Borrowers with loans of $50,000 or less are also now exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. Find more information here.