The Treasury Department and Small Business Administration jointly have released a simplified loan forgiveness application – so long as the loa was $50,000 or less. This should aid small businesses in getting their loans forgiven, provided they have met the criteria for forgiveness.
It also should make life a bit easier for the many lenders who issued smaller-dollar loans to America’s businesses. 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’s simplified application is a single page in length, and the instructions are short, too.
If you have PPP or other small business questions, including about COVID-19 and the workplace, feel free to reach out to The Coppola Firm. We’re here to help.