The U.S. Small Business Administration, in conjunction with the Treasury Department, has released a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This move is aimed at streamlining the PPP forgiveness process to ease the financial and administrative burden on America’s smallest businesses while ensuring the prudent use of taxpayer money. The PPP has so far issued 5.2 million loans, totaling $525 billion and supporting over 51 million jobs. The new application process exemplifies the government’s commitment to making PPP forgiveness as straightforward as possible, whilst guarding against fraud and misuse of funds. The SBA has also eased the load on PPP lenders, enabling them to process forgiveness applications more swiftly.
PPP Forgiveness Loans Under $50,000
Release Information
Release Date: October 8, 2020 Contact: Press_Office@sba.gov, (202) 907-9037
Release Number: 20-81 Follow us on Twitter, Facebook, Blogs & Instagram
PPP Loan Forgiveness Application
WASHINGTON—The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application 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 America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical 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 worked around the clock to process loans quickly,” he continued. “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.”
“Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program,” said Administrator Jovita Carranza. “We are continuing to ensure that small businesses are supported as they recover.”
PPP Loan Forgiveness Process
SBA and Treasury have also 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 October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
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.
About the U.S. Small Business Administration
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Question & Answer
What is the purpose of the simplified loan forgiveness application released for PPP loans of $50,000 or less?
The purpose of the simplified loan forgiveness application is to streamline the PPP forgiveness process to ease the financial and administrative burden on America’s smallest businesses while ensuring the prudent use of taxpayer money.
How many loans has the PPP issued so far and what is the total amount?
The PPP has so far issued 5.2 million loans, totaling $525 billion.
What is the government’s commitment regarding the PPP forgiveness process?
The government is committed to making the PPP forgiveness process as straightforward as possible while guarding against fraud and misuse of funds.
When did the SBA begin approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders?
The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020.
