Another Interim Final Rule (IFR) was released yesterday, the PPP loans will have a special form (S form) for amounts under $50,000 that exempts from any reduction in forgiveness based on a) reduction in full time equivalent (FTE) and/or b) reduction in employee salary or wages.
Keep in mind that even the short version, if you meet certain requirements [a) self employed and no employees, b) no reduction of salaries more than 25%], in the PPP forgiveness (EZ form), exempts from any reduction in forgiveness based on a) reductions that arose from an inability to rehire individuals / unable to hire similarly qualified employees for unfilled positions / reductions in an employee’s hours that a borrower offered to restore and were refused and b) was unable to operate… due to compliance with requirements established or guidance issued.
