SBA releases simpler loan forgiveness application for some PPP loans

Since the coronavirus pandemic began, the PPP has provided 5.2 million loans worth $525 billion to American small businesses, offering economic relief and supporting more than 51 million jobs. As small businesses continue to face challenges brought on by COVID-19, the U.S. Small Business Administration, in consultation with the Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

The 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.

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on Oct. 2.

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.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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