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Tax Pros Seek Simpler Loan Forgiveness After Treasury’s Attempt (2)

Oct. 9, 2020, 6:31 PMUpdated: Oct. 9, 2020, 9:10 PM

New rules streamlining the process for businesses to apply for forgiveness on virus relief loans of $50,000 or less fall short of the relief sought by businesses, their advisers, and lenders.

The Treasury Department and Small Business Administration released interim final rules Thursday exempting businesses with loans of that size from reductions to their forgiveness amount due to decreases in full-time employees or in employee compensation. The government also offered a simplified application for the businesses, though they are still required to provide documentation to lenders verifying their payroll and nonpayroll costs.

The rules are “a step in the ...

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