On Oct. 8, the Small Business Administration announced a simplified Paycheck Protection Program loan forgiveness application for loans of $50,000 or less.
The new application requires fewer calculations and less documentation for eligible borrowers. It is not available to businesses that, together with affiliates, took out multiple loans totaling more than $2 million. This new option for qualified borrowers is designed to streamline the PPP forgiveness process to provide financial and administrative relief to small businesses while ensuring sound stewardship of taxpayer dollars.
View the application; instructions; and the Interim Final Rule regarding the process.
