On October 21, 2020

SBA and Treasury announce simpler PPP forgiveness for loans of $50,000 or less

The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less on Oct. 8. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.

“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin.  “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds.  We continue to favor additional legislation to further simplify the forgiveness process.”

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 Oct. 2.

Do you want to submit feedback to the editor?

Send Us An Email!

Related Posts

Gov. Scott vetoes bill that would’ve restricted bee-killing pesticide

May 22, 2024
Staff report On Monday, May 20, World Bee Day, Gov. Phil Scott vetoed legislation meant to protect bees and other pollinators from a widely-used neuorotoxic pesticide. The bill (H.706) would  eliminate most uses of neonicotinoid pesticides (neonics) in Vermont, which have been associated with alarming losses of managed and wild bee populations. Neonic insecticides are used on…

Health premium increases of 16%-19% projected for 2025

May 22, 2024
Vermonters are again facing steep upward premium growth for 2025 due to the cumulative impact of hospital costs, drug prices and state health care policy choices. Blue Cross and Blue Shield of Vermont projects that these trends will continue and will require rate increases of 16.3% for individual health plans and 19.1% for the small group…

Sanders: weight loss drugs could bankrupt U.S. health care

May 22, 2024
As part of his investigation into the outrageously high price of Ozempic and Wegovy in the U.S., U.S. Sen. Bernie Sanders, chairman of the Senate Health, Education, Labor, and Pensions (HELP) Committee, released a stunning new report May 15 exposing the potential of weight loss drugs to bankrupt American health care. In the report, HELP…

The future of fertilizer? Pee, says this Brattleboro institute

May 22, 2024
By Kate Kampner, Community News Service Editor’s note: The Community News Service is a program in which University of Vermont students work with professional editors to provide content for local news outlets at no cost. When Peter Stickney walks along his cow paddocks in the morning, he notes the scattered patches of greener grass across the…