Simpler PPP Forgiveness Available for Loans up to $50K
October 14, 2020
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The agencies will also allow PPP lenders to process forgiveness applications more swiftly.
"The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs," said Secretary Steven T. Mnuchin. "We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process."
To view the simpler loan forgiveness application, instructions for completing the simpler loan forgiveness application, or to read the Interim Final Rule, visit the SBA.