SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

Published Tuesday, October 13, 2020


WASHINGTON—The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

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.

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.

JOIN NPW ON WEDNESDAY, OCTOBER 14TH FOR THIS TIMELY WEBINAR SPONSORED BY M & T BANK: AN OVERVIEW OF THE PPP FORGIVENESS PROCESS

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