Some small businesses that received loans under the Paycheck Protection Program are facing a deadline to apply for loan forgiveness. So the Small Business Administration (SBA) has taken action to streamline the application process. If these borrowers don’t apply for forgiveness, their loans will become standard loans, and they could be responsible for repaying the full amount plus 1% interest before the maturity date. The simplified process generally is available for loans of $150,000 or less. Under an Interim Final Rule, the SBA introduces two avenues for loan forgiveness: 1) direct borrower forgiveness and 2) a COVID Revenue Reduction Score. For more information: https://bit.ly/3infihJ Call or visit our website for more information! www.mjscpa.com/
