NNA Issue Brief: PPP loans under $50K get simplified forgiveness process

Tonda Rush

Oct 9, 2020

The U.S. Department of Treasury and Small Business Administration have released a new form for Paycheck Protection Program borrowers for loan forgiveness if they received $50,000 or less.

The process should help to streamline the process for small businesses that completed their covered period by June 30.  For others that received June, July or August loans and opted for the 24-week covered period, the form will be available for use at the conclusion of their covered period or Dec. 31.

SBA has been criticized for not processing lenders’ forgiveness applications, but now says it began forgiving loans on Oct. 2 and would proceed to process applications in an “expeditious manner.”
 
The new form is here:
https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf