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On October 8, the SBA released Form 3580S, a simpler loan forgiveness application for PPP loans of $50,000 or less.
According to Secretary Steven T. Mnuchin, “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs. Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the c Read More >>
On October 2, the SBA released a Procedural Notice regarding PPP Loans regarding transfer guidelines.
For purposes of the PPP, a “change of ownership” will be considered to have occurred when:
(1) at least 20 percent of the common stock or other ownership interest of a PPP borrower (including a publicly-traded entity) is sold or otherwise transferred, whether in one or more transactions, 1 including to an affiliate or an existing owner of the entity
(2) the PPP borrower sell Read More >>