In an effort to streamline the Paycheck Protection Program loan forgiveness process, the SBA and U.S. Treasury Department have released a simpler loan forgiveness application for loans that are $50,000 or less.
The move, which eases the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly, is aimed at providing financial and administrative relief to America’s smallest businesses, while also ensuring sound stewardship of taxpayer dollars, according to a statement from the agencies released on Thursday.
To date, 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 Steven Mnuchin, secretary of the Treasury. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds,” he said. “We continue to favor additional legislation to further simplify the forgiveness process.”
The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on Oct. 2, and says it will continue to process all PPP forgiveness applications in “an expeditious manner.”
The SBA and Treasury released the following links related to the simpler PPP loan forgiveness, which are also accessible on the Association’s SBA Resource Center webpage.