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SBA Announces Simpler PPP Loan Forgiveness for Smaller Loans
Posted 10.12.20
The Small Business Administration (SBA) and the U.S. Department of Treasury (Treasury) recently released a simpler Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S and instructions. This updated, simple two-page application is for borrowers of $50,000 or less, and is not for use by borrowers who received PPP loans totaling $2 million or more together with their affiliates.
This action streamlines the PPP forgiveness process to provide financial and administrative relief to small businesses. The SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
See the attached overview for details.
SBA Announces Simpler PPP Forgiveness for Smaller Loans