Small Business Administration and Treasury Deparment Announce Simplified Process for Forgiving Smaller PPP loans
16 Oct 2020
Businesses that received small loans under the federal Paycheck Protection Program will have an easier time having those loans forgiven under new rules that were announced.
The U.S. Small Business Administration, in consultation with the Treasury Department, unveiled a simpler application for businesses seeking not to have to repay PPP loans of $50,000 or less.
U.S. businesses received 5.2 million PPP loans worth a combined $525 billion. The loans supported 51 million jobs, Treasury Secretary Steven Mnuchin said in a press release announcing the new loan forgiveness application.