SBA, Treasury announce simpler PPP forgiveness for loans $50K or less

October 8, 2020

The Small Business Administration (SBA), in consultation with the Treasury Department, Thursday 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.

CUNA’s continues to support House and Senate bills that would provide simple forgiveness for PPP loans under $150,000 and “commonsense” liability protections for PPP lenders.

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 Oct 2.  According to the SBA, it will continue to process all PPP forgiveness applications in an expeditious manner.

Instructions for completing the simpler loan forgiveness application are available here.