Last night the SBA and the Treasury Department issued a new Interim Final Rule (IFR) that addresses forgiveness for loans under $50,000. The new IFR for borrowers of $50,000 or less addresses the following:

 

  • These borrowers can file for forgiveness using a new streamlined form – SBA 3508S
  • These borrowers will no longer be subject to forgiveness reductions if (1) there was a reduction in their FTEs or (2) a reduction in employee salary or wages.

 

Other than relief from the FTE calculations, borrowers using this new form will still need to provide documentation to their lender along with the new forgiveness application.

 

Here are links to the IFR, the Form SBA 3508S and instructions for the SBA3508S:

Download Form 3508S

Download the instructions from Form 3508S

Read the interim final rule

 

If you have further questions, please contact us at loan.assistance@inserocpa.com.