New Guidance For Paycheck Protection Loan Forgiveness
Congressman Brian Mast has working closely with federal, state and local officials to help individuals and small businesses recover from coronavirus. The U.S. Small Business Administration (SBA) released a simplified application for Paycheck Protection Program (PPP) loan forgiveness for borrowers who meet the following criteria:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
This new application requires fewer calculations and less documentation for eligible borrowers, making it easier for you to apply for forgiveness.
His office is stands ready to assist with any issues you are having with the Small Business Administration or any other agency. Please do not hesitate to reach out at 202-225-3026 or visit his website for more information.