PPP Loan Forgiveness Applications and Instructions for certain loans
New forgiveness application for loans under $50,000
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, as announced by the Small Business Administration (SBA) last night.
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. Additionally, there is a restriction for any otherwise eligible applicants if they have affiliated businesses receiving PPP loans totaling $2 million or greater.
Three links:
- The new PPP loan forgiveness form.
- Instructions for the new form.
- The SBA rules on the new forgiveness procedures for PPP loans under $50,000.
The SBA reports that there are approximately 3.57 million outstanding PPP loans of $50,000 or less, totaling approximately $62 billion of the $525 billion in PPP loans.
Webinar: Massachusetts Health Connector
Employees who have recently lost employer sponsored coverage
Title: Recently lost health insurance from your job? Know your options
When: Wednesday, October 14, 10:00–11:00 a.m.
The presentation will cover:
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General information about the state’s Health Connector and the types of coverage available through MAhealthconnector.org
- Rules around choosing Health Connector plans as an alternative to COBRA
- Tips when applying for coverage, including choosing a plan and enrolling
- How to get free help with this process
