SBA offers total forgiveness for loans of $50,000 or less

SBA offers total forgiveness for loans of $50,000 or less

  • Posted On: 12 Oct, 2020
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SBA offers total forgiveness for loans of $50,000 or less, helping PPP small-business borrowers

 

If you borrowed $50,000 or less, your loan’s forgiven — period. But will you owe taxes?

Business owners who borrowed $50,000 or less through the Small Business Administration’s emergency loan program learned last week that their debts are forgiven entirely — provided they file the right paperwork.

But accountants are urging costumers to hold off applying for forgiveness to see if the government further sweetens the pot.

The Small Business Administration and U.S. Treasury issued the new guidance for small-business borrowers with loans of $50,000 or less under the Paycheck Protection Program, or PPP.

The PPP loans were included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Congress passed earlier this year to provide emergency assistance for individuals, families, and businesses affected by the coronavirus pandemic.

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