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PPP Forgiveness Update - October 2020

PPP Forgiveness Update

Hi there!

Just an update on PPP forgiveness from the SBA.  Hopefully with this news, banks will start to open their portals to apply for forgiveness!

On 10/8/2020, The Small Business Administration (SBA) along with the Treasury Department issued new guidance allowing borrowers with PPP loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness.

This latest rule will still require borrowers to provide documentation, such as a payroll provider report but borrowers can use new SBA Form 3508S for their application.

The new rule also removes the need to show that the borrower did not reduce headcount or salaries and, therefore, suffer a reduction in loan forgiveness.

As always, we try to keep you informed of the lastest news and rules that affect your business.



Mathew Shiebler, CPA

Matthew Shiebler, CPA is the President of Interactive Accountants, LLC a CPA Firm based in Doral. He is a licensed CPA in the states of Florida, New Jersey and New York and a member of the American Institute of Certified Public Accountants (AICPA). Since 1993, it has been his mission to help small and medium sized companies to comply with all their accounting needs. Whether it be taxes, finances or acquisitions and mergers, Matthew is well versed in all aspects. Matthew has unique experience in the hospitality and restaurant industries, law firms, medical practices, e-commerce, technology firms and start-ups. It is his passion to bring his experience and knowledge to all his clients.

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At Interactive Accountants, we have one primary goal. We help you minimize your taxes and measure your success. Throughout the years, we’ve helped hundreds of entrepreneurs by taking accounting matters off their plate, providing stellar ongoing tax advice and amazing customer support.

Contact Info

8180 NW 36th St., Suite 301, Doral FL 33166

(305) 517-3977