SBA and Treasury announce simpler forgiveness of PPP loans
October 12, 2020
The US Small Business Administration, in consultation with the Treasury Department, has released a simpler loan forgiveness request 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 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 essential 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. “
“Nothing will stop the Trump administration from supporting great American corporations and our great American workers. 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. “
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.
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