Per the Interim Final Rule – Additional Revisions to Loan Forgiveness and Loan Review Procedures, businesses with PPP Loans totaling $50,000 or less are not subject to the reductions related to FTE or salary reductions. An additional loan forgiveness application (3508S) should be used if loans are $50,000 or less, which is basically a self-certification.
If there are any questions, the PPP Team is available to assist. You can reach us at ppp@wheelercpa.com.