July 23, 2020
If a borrower did NOT reduce salaries or wages in excess of 25%, can they apply for early forgiveness when their PPP money runs out?
Posted by Armanino Financial Advisory Team
A borrower can apply for forgiveness when their PPP money runs out, regardless of whether you had pay reductions. “Early” application does not rely on not having Salary Reduction Factor impacts. The key thing to understand is that, if you do choose to apply prior to the end of your Covered Period, any Salary Reduction Factor calculations must use the full 24 weeks and will not be cut off because you ran out of PPP money earlier.