Oct 12, 2020

Streamlined Forgiveness for PPP Loans Under $50,000

Piggy BankOctober 12, 2020 - Restaurants who received Paycheck Protection Program (PPP) loans under $50,000 can now access a new forgiveness application designed to simplify the forgiveness and loan review process.  

This “streamlined” PPP forgiveness form does not require businesses to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review process.

Important to note – this is not “automatic PPP loan forgiveness,” as borrowers are still required to submit documentation to lenders on payroll costs, rent/lease payments, and utilities. There is also a restriction for any otherwise eligible applicants if they have affiliated businesses receiving PPP loans totaling $2 million or greater.

SBA Rules on PPP Forgiveness

PPP Forgiveness Application Form

PPP Instructions

Questions? Email or call the Ask WRA Team at 608-270-9950.