SBA, Treasury Ease PPP Forgiveness Requirements for Loans of $50,000 or Less
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has released a simpler loan forgiveness application for business owners who received Paycheck Protection Program (PPP) loans of $50,000 or less.
"Today's action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly," said Treasury Secretary Steven Mnuchin. "We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process."
NAHB views this as a positive development and has been urging Congress and the Trump administration to create a streamlined, simplified forgiveness process for PPP loans. But more needs to be done. We continue to call on the White House and Democratic leaders to put politics aside and get back to the negotiating table to hammer out a coronavirus stimulus package that will help struggling renters with dedicated rental assistance and allow HBAs to access small business loans under the PPP.
View the simpler loan forgiveness application. View the instructions for completing the simpler loan forgiveness application.
View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.