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

Industry News,

The information below is an excerpt from a recent Charlotte Business Journal article:

Small-business owners who took out Paycheck Protection Program loans of $50,000 or less will have a simpler process to follow to seek loan forgiveness, federal officials announced late Thursday.

The Small Business Administration and the Treasury Department announced the long-anticipated move in Washington, D.C., as they released a new application that some PPP recipients can use starting immediately…..“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds," Mnuchin said. "We continue to favor additional legislation to further simplify the forgiveness process.”

  • Click here to view the simpler loan forgiveness application.
  • Click here to view the application instructions.
  • Click here to view the Interim Final Rule on the simpler forgiveness process.