SBA releases FAQs for its simpler PPP loan forgiveness application

The SBA has released new FAQs for its simpler loan forgiveness application for Paycheck Protection Program loans that are $50,000 or less.

In an effort to streamline the Paycheck Protection Program loan forgiveness process, the SBA and U.S. Treasury Department released the simpler loan forgiveness application last week.

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 the SBA and Treasury.

To date, the PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing economic relief and supporting more than 51 million jobs, according to Steven Mnuchin, secretary of the Treasury.

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.”

Click here to access the FAQs. The SBA and Treasury also previously released the following links related to the simpler PPP loan forgiveness, which are also accessible on the Association’s SBA Resource Center webpage:

  • Click here to view the simpler loan forgiveness application.
  • Click here to view the instructions for completing the simpler loan forgiveness application.
  • Click here to view the interim final rule on the simpler forgiveness process for loans of $50,000 or less.

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