SBA and Treasury announce simpler PPP forgiveness for loans of $ 50,000 or less

Washington DC The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan cancellation request for Paycheck Protection Program (P3) loans of $ 50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to smaller US businesses while ensuring sound management of taxpayer dollars.

“The PPP has provided 5.2 million loans worth $ 525 billion to US small businesses, providing vital economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $ 50,000 or less and thousands of PPP lenders who have worked tirelessly to process loans quickly,” he said. for follow-up. “We are committed to making the PPP forgiveness process as easy as possible while protecting against fraud and the misuse of funds. We continue to favor additional legislation to further simplify the pardon process. “

“The Paycheque Protection Program has been a resounding success and has served as a historic lifeline for small American businesses and tens of millions of workers who are suffering. The new form presented today demonstrates our unwavering commitment to using all the tools in our toolkit to help the small businesses and banks that have participated in this program, ”said Administrator Jovita Carranza. “We continue to ensure that small businesses are supported as they take over. “

In Kentucky, there were 50,655 P3 loans worth over $ 5.28 billion. From April 17 to August 8, when the P3 program was suspended by Congress, there were nearly 27,000 P3 loans in Kentucky. The average amount of these PPP loans was $ 42,177.

The SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness requests more quickly.

The SBA began approving PPP remission requests and remitting remission payments to PPP lenders for PPP borrowers on October 2, 2020. The SBA will continue to process all PPP remission requests on a timely basis.

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

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