30 Jun 2020 PPP Automatic Forgiveness for Loans Under $150,000
There have been 50 major changes to the PPP Loans since it first passed. The latest bill provides for automatic forgiveness of a paycheck protection loan that is $150,000 or less if the recipient submits a one-page form. This significantly benefits sole proprietors, independent contractors and one-person operations. This would cover 85% of PPP loans. It has not yet passed but has the President’s blessing.
We recommend if your PPP loan is $150,000 or less to wait on submitting your forgiveness application until the future of this new bill is determined.
The Senate introduced S-4117 Paycheck Protections Small Business Forgiveness Act on June 30, 2020. Learn more.