- Considered your employees
- Is for $50,000 or less
If you meet those conditions, your loan forgiveness amount may have increased by 100 percent even though you reduced pay or headcount
Before the $50,0000-or-less rule was instituted, you had to suffer a reduction in loan forgiveness or meet one of many exceptions that allowed you to cut annual salaries or hourly wages by more than 25 percent and/or reduce the number of employees or average hours paid.
Now, with a PPP loan of $50,000 or less, you do not have to consider the myriad of rules about employees. Regardless of what you did with your employees, you qualify for full forgiveness if:
- Your PPP loan is $50,000 or less
- You spent the PPP money