The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program loans of $50,000 or less.
The SBA also said it began approving forgiveness applications and remitting payments to PPP lenders for PPP borrowers on Oct. 2.
More: See the new $50,000 or under application and instructions for completing it.
“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,” Treasury Secretary Steven Mnuchin said in a news release. He said the new form “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.”
Mnuchin added, “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.”
Administrator Jovita Carranza of the SBA, said the new form “demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program” and that the SBA will continue to support small businesses as they recover from pandemic-related losses.
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