Originally published on April 14, 2020. Last updated as of October 9, 2020.
On October 8, the SBA simplified the forgiveness process for PPP loans of $50,000 or less. If your PPP loan was $50,000 or less, and your affiliates together have not borrowed $2,000,000 or more, your PPP loan is exempt from forgiveness reduction due to reductions in full-time equivalent (FTE) employees or in employee salary or wages and you can utilize a new Loan Forgiveness Application – SBA Form 3508S.
This up-to-date guide summarizes the key terms of the PPP, including with respect to the forgiveness aspect of the program, and addresses various issues and frequently asked questions that Proskauer attorneys have been dealing with.
* * * * *
Proskauer's cross-disciplinary, cross-jurisdictional Coronavirus Response Team is focused on supporting and addressing client concerns. We will continue to evaluate the CARES Act, related rules and regulations and any subsequent legislation to provide our clients guidance in real time. Please visit our Coronavirus Resource Center for guidance on risk management measures, practical steps businesses can take and resources to help manage ongoing operations.