In the wake of the failed effort to sign a new stimulus package into law, the Small Business Administration (SBA) along with the Treasury Department issued new guidance on October 8, 2020, allowing borrowers with Paycheck Protection Program (PPP) loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness.
While this latest Interim Final Rule addressing the PPP loans created under the Coronavirus Aid, Relief, and Economic Security Act (or CARES Act) will still require borrowers to provide documentation, such as a payroll provider report, it offers a new, simplified form and a “check the box” process for forgiveness. Borrowers can use new SBA Form 3508S for their application or wait for their lender to update their online application portals.
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The new rules also remove the need to show that the borrower did not reduce head count or salaries and, therefore, suffer a reduction in loan forgiveness. Previous regulations outlined that if an employer reduced salaries by over 25%, the amount over 25% would not be forgivable. Borrowers would also have to document that if they did furlough employees, they tried in good faith to rehire them or couldn’t hire similarly qualified individuals, or also be subject to an unforgiven portion of their PPP funds.