The SBA has released the new, easier forgiveness application for PPP loans under $150,000. Borrowers eligible to use this one-page application and are not required to submit additional information to the bank along with this forgiveness application. Note, however, that the borrower must retain all records necessary to prove compliance with PPP rules for four years for employment records and three years for all other records. All borrowers are still required to follow the PPP rules and borrowers with loans greater than $50,000 are still subject to loan forgiveness reductions based on FTE and salary/wage reductions.
For borrowers that have been waiting for this application to be released to apply for forgiveness, now is the time. Here is a link to the application form: PPP Loan Forgiveness Application Form 3508S.
If you have questions or would like to strategically discuss your situation relative to any of these items, we are here to help. Reach out to your WR Partner or your relationship manager. You can also email our COVID-19 task force for assistance.