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PPP Loan Forgiveness Just Got Easier

This week, the U.S. Small Business Administration (SBA) unveiled a now simpler application and process for Paycheck Protection Program (PPP) loan forgiveness, especially for loans that were less than $50,000. This new streamlined process makes it easier for both the business that received the loan, as well as the lender that issued it. The SBA and the U.S. Treasury Department continue to look at ways to make this process easier but still prevent fraud and/or misuse of funds.

SBA began approving PPP forgiveness applications and sending forgiveness payments to lenders for earlier this month.

The new and improved application can be found here: https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S.pdf

Instructions for completing the new application can be found here: https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S%20Instructions.pdf

Finally, the Interim Final Rule (IFR) outlining the new forgiveness process can be found here: https://www.sba.gov/sites/default/files/2020-10/PPP%20-%20IFR%20--%20Additional%20Revisions%20to%20Loan%20Forgiveness%20and%20Loan%20Review%20Procedures%20Interim%20Final%20Rules.pdf

The lenders you worked with when applying for your loan should be familiar with this new application and process as well. Continue to work with that lender as you work through your forgiveness application.

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