From Perkins Law, by Eric C. Perkins, Esq.:
The U.S. Small Business Administration (SBA) released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide helpful relief to the small business community.
The PPP provided more than five million loans worth $525 billion to small businesses with another round of PPP relief under consideration. 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.
- Click here to view the simpler loan forgiveness application.
- Click here to view the instructions for completing the simpler loan forgiveness application.
Perkins Law is based in Henrico County and proudly serves the Virginia small business and nonprofit communities. For additional information or assistance with your small business legal, transaction, and compliance needs, please e-mail or call Eric Perkins at firstname.lastname@example.org or (804) 205-5162.