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Businesses that received small loans under the federal Paycheck Protection Program will have an easier time having those loans forgiven under new rules announced Thursday.
The U.S. Small Business Administration, in consultation with the Treasury Department, unveiled a simpler application for businesses seeking not to have to repay PPP loans of $50,000 or less.
U.S. businesses received 5.2 million PPP loans worth a combined $525 billion. The loans supported 51 million jobs, Treasury Secretary Steven Mnuchin said in a press release announcing the new loan forgiveness application.
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.
Click here to read the press release.
Related Topics: Small Business Administration