Additional Guidance on PPP Loans Under $50k
Posted on October 16, 2020
PPP Loan Forgiveness Process Streamlined for Loans Under $50k
On October 8, 2020, Treasury released its latest Interim Final Rule with the introduction of a streamlined forgiveness processes for Paycheck Protection Program (PPP) loans under $50k. While the 50,000 dollar size threshold is smaller than most commentators were expecting, the introduction of a streamlined process for smaller loans is welcomed by borrowers.
This new guidance, and the newly introduced SBA Form 3508S, is intended for borrowers applying for loan forgiveness on PPP loans with a total loan amount of 50,000 dollars or less (except for borrowers that together with their affiliates received loans totaling 2 million dollars or greater).
We know things are hectic but remember to lean on your advisors (counsel, accountant) for insights they have, as many of these decisions in normal times are made infrequently.
We are here to answer your questions and assist in any way we can. We will be providing additional insights and updates as we move through this period of uncertainty.
About Keiter Advisors
Keiter Advisors is a full-service transaction advisory group serving companies in middle-market M&A transactions and financing. KA is recognized as the national leader in assisting owners to:
- Buy or sell foodservice distribution, meat processing and produce companies
- Plan and execute transition strategies, including family buy out initiatives and third party sale
- Examine the profitability of their business and develop viable improvement programs
- Renegotiate existing financing arrangements and secure new lenders
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