The SBA and Treasury Department Announce Total Forgiveness For All PPP Loans Of $50,000 Or Less

If you have a Paycheck Protection Program (PPP) loan of $50,000 or less, the SBA/Treasury Department announced the following:

• There is now an easy loan forgiveness application for all Paycheck Protection Program (PPP) loans of $50,000 or less.

• This decision streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses.

• This decision will also allow lenders to process forgiveness applications far more swiftly.

SBA began approving PPP loan forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP loan forgiveness applications in an expeditious manner.

PPP Loan Forgiveness Application.

If you have a PPP loan of $50,000 or less, we have listed several links below to use:

• Click here to view Form 3508S (loan forgiveness application).

• Click here to view the instructions for completing your loan forgiveness application.

• Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

Get Your Loan Forgiveness Application In Soon.

Experts agree that all loan forgiveness applications should be completed as soon as possible as Form 3508S has a printed expiration date of October 31, 2020; however, a final loan forgiveness due date is not yet made public as of October 14, 2020.