SBA Announces Simpler PPP Forgiveness for Loans of $50,000 or Less
Alan Robezzoli • October 9, 2020
This is the announcement many were hoping for!
According to Globe Newswire, today "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. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars."
Secretary Steven T. Mnuchin stated, "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,” he continued. “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.”
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to read the full story, which includes links to the new loan forgiveness application and more!
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