With just 3 days left to apply for PPP loans, new rules around loan forgiveness are released

With just 3 days left to apply for PPP loans, new rules around loan forgiveness are released

With just 3 days left to apply for PPP loans, new rules around loan forgiveness are released
Reading Time: < 1 minute(Last Updated On: August 5, 2020)

The official application deadline for the Paycheck Protection Program is this Saturday, August 8. Just yesterday, on August 4, a new document listing FAQs for the PPP was released by the Small Business Administration.

If you’ve received a PPP loan be sure to review the newly released FAQs.

One notable change is the following:

  • “Sole proprietors, independent contractors, and self-employed individuals who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form automatically qualify to use the Loan Forgiveness Application Form 3508EZ…”

 

Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.