Last week, the U.S. Small Business Administration and Treasury Department released a streamlined form to apply for forgiveness on Paycheck Protection Program (PPP) loans of $50,000 or less. Rather than requiring business calculations, the new form requires borrowers to certify that the funds were used toward eligible uses.
Forgiveness applications began being processed by SBA at the beginning of October. Businesses should reach out to their PPP lender with specific questions regarding their forgiveness application.
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.
To find the latest resources for PPP loans and Economic Injury Disaster Loans (EIDL), visit our COVID-19 resource page. You’ll find webinars to help you and your business get through the pandemic and beyond, frequently asked questions, eligible lenders, applications, and much more.