While last week we wrote about the new legislation that would ease restrictions on PPP Forgiveness, the goal posts have been moved again. This weekend, the SBA and Treasury came out with a joint statement that brought back partial PPP forgiveness if the new 60% threshold was not attained. This is welcome relief, as the wording of the legislation made it seem like if you did not spend 60% on covered employee wage expenses, you would not receive any forgiveness at all.
Time will tell if this will change, but for now it is a bit of good news. If you would like more information on this statement, and what it means, please check out this article from Forbes.