PPP Loan Forgiveness “short form” for loans less than $150,000, Jan. 28, 2021

The year-end stimulus package expanded the availability of streamlined loan forgiveness for very small business owners. Prior to 2021, businesses that borrowed no more than $50,000 in PPP loans were able to complete a short form loan forgiveness application. The new law expands eligibility to businesses that borrow no more than $150,000. To obtain forgiveness, these business owners can submit a one-page certification that provides certain information, such as the loan amount, the number of employees retained because of the loan and an estimate of how much the business spent on payroll costs. These small business clients will also be required to provide proof of their revenue loss to show that they were eligible for the loan in the first place. Business owners who take out larger PPP loans are required to go through the same loan forgiveness process that applied for their first draw PPP loan. For more information on the small business loan forgiveness process, see Q .