12 Oct 2020 Simpler PPP Forgiveness for Loans of $50,000 or Less
On October 8, 2020, The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This streamlines the PPP forgiveness process to provide financial and administrative relief to small businesses while also ensuring sound stewardship of taxpayer dollars.
“Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” 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.”
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
If you have any questions about your PPP Loan or Loan Forgiveness contact Haynie & Company today.
View the Press Release from U.S. Department of the Treasury
View the simpler loan forgiveness application.
View the instructions for completing the simpler loan forgiveness application.
View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.