SBA speeds up loan forgiveness for small businesses

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Yesterday, the U.S. Small Business Administration (SBA) and Treasury Department announced a streamlined process to expedite loan forgiveness of debts no greater than $50k.

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So far during the pandemic, SBA’s Paycheck Protection Program has provided 5.2 million loans worth $525 billion to American small businesses, supporting more than 51 million jobs. 

“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process,” said Treasury Secretary Steven T. Mnuchin.

Lenders operating under the PPP will also now be able to process forgiveness applications faster.

Initial approvals and payment remissions began October 2 and will continue in an expeditious manner, Mnuchin said.

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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