SBA, Treasury announce simpler PPP loans to provide relief to small American businesses
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
According to SBA, the loan action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses.
It added that it will ensure sound stewardship of taxpayer dollars.
SBA and Treasury have eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on this month.
It will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less
Deadline for application is Monday, November 30th, 2020.
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