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Michigan Credit Union League

SBA, Treasury Announce Simpler PPP Forgiveness for Loans $50K or Less

Last week, the Small Business Administration (SBA), in consultation with the Treasury Department, 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 financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.

This is especially important for Michigan credit union-assisted PPP loans, considering the median loan size was approximately $20,400.

MCUL and CUNA continue to support House and Senate bills that would provide simple forgiveness for PPP loans under $150,000 and common-sense liability protections for PPP lenders.

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.  According to the SBA, it will continue to process all PPP forgiveness applications in an expeditious manner.

Instructions for completing the simpler loan forgiveness application are available here.

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2020-10-13 00:00:00