From our SBDC (located here in Mount Pleasant, TX) director: “This just came in from SBA. In essence it says, if your PPP loan amount is under $2million, you are not required to provide evidence of need. SBA will not deny your loan forgiveness because you did not prove you needed the money. They are accepting your declaration of need as evidenced on your application, and no further evidence will be required.”
IMPORTANT: You will still have to document how you spend the money and comply with the 75/25 rule. The prior statement simply relieves you of the burden to prove you needed the money.
To learn more, visit https://www.marketwatch.com/story/treasury-says-paycheck-protection-program-loans-below-2-million-typically-wont-face-audits-2020-05-13?reflink=mw_share_linkedin
