Oct 12, 2020
Streamlined Forgiveness for PPP Loans Under $50,000
October 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.
Questions? Email or call the Ask WRA Team at 608-270-9950.