Earlier this week, the Treasury Department announced that some loans through the Paycheck Protection Program, or PPP, could be forgiven. More than 5.2 million loans, worth $525 billion dollars, have been distributed to small businesses to provide economic relief during the COVID-19 crisis. PPP borrowers with loans of $50,000 or less can apply to have their loans forgiven.
More information and an application to have the loan forgiven are available below.
https://preview.tinyurl.com/PPP-50K-or-less
https://tinyurl.com/PPP-loan-forgiveness-instruct
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 will continue to process all PPP forgiveness applications in an expeditious manner.
