Washington, October 08, 2020 (GLOBE NEWSWIRE) – The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan cancellation request for Paycheck Protection Program (P3) loans of $ 50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to smaller US businesses while ensuring sound management of taxpayer dollars.
“The PPP has provided 5.2 million loans worth $ 525 billion to US small businesses, providing essential economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $ 50,000 or less and thousands of PPP lenders who have worked tirelessly to process loans quickly,” he said. for follow-up. “We are committed to making the PPP forgiveness process as easy as possible while protecting against fraud and the misuse of funds. We continue to favor additional legislation to further simplify the pardon process. ”
“Nothing will stop the Trump administration from supporting great American corporations and our great American workers. The paycheck protection program has been a resounding success and has served as a historic lifeline for small American businesses and tens of millions of workers who are suffering. The new form presented today demonstrates our unwavering commitment to using all the tools in our toolkit to help the small businesses and banks that have participated in this program, ”said Administrator Jovita Carranza. “We continue to ensure that small businesses are supported as they take over. ”
The SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness requests more quickly.
The SBA began approving PPP rebate requests and remitting rebate payments to PPP lenders for PPP borrowers on October 2, 2020. The SBA will continue to process all PPP rebate requests on a timely basis.
Click on here to view the loan forgiveness request simpler.
Click on here to view the instructions for completing the loan waiver application simpler.
Click on here for the interim final rule on the simpler forgiveness process for loans of $ 50,000 or less.
About the United States Small Business Administration
The US Small Business Administration is making the American dream of becoming a business owner a reality. As the only resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow or grow their businesses, or grow their businesses. recover from a declared situation. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov.