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SBA, Treasury announce ‘simpler’ PPP discount for loans of $ 50,000 or less



Fri, October 9, 2020 4:05 PM

The US Small Business Administration, in consultation with the Treasury Department, on Thursday released a simpler loan cancellation request for PaydayNow Paycheck Protection Program (P3) loans of $ 50,000 or less. This action streamlines the P3 remittance process to provide financial and administrative relief to smaller U.S. businesses while ensuring sound management of taxpayer dollars .

“The PPP has provided 5.2 million loans worth $ 525 billion to US small businesses, providing critical economic assistance and supporting more than 51 million jobs,” Secretary Steven Mnuchin said. “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 around the clock to process loans quickly. We are committed to making the P3 forgiveness process as easy as possible while protecting against fraud and misuse of funds. We continue to push for 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 suffering American small businesses and tens of millions of workers. The new form presented today demonstrates our unwavering commitment to using every tool in our toolbelt 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 during their takeover.”

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 remission requests and remitting remission payments to PPP lenders for PPP borrowers on October 2. The SBA said it will continue to process all PPP rebate requests in a timely manner.

  • Click on here to view the loan forgiveness request simpler.
  • Click on here to view the instructions for completing the loan forgiveness application simpler.
  • Click on here for the Interim Final Rule on the Easier Cancellation Process for Loans of $ 50,000 or Less.

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