US Treasury, SBA Streamline PPP Loan Forgiveness Application

By Reuters
June 17, 2020US News
US Treasury, SBA Streamline PPP Loan Forgiveness Application
U.S. Treasury Secretary Steven Mnuchin speaks during a meeting with restaurant industry executives about the COVID-19 response in Washington, on May 18, 2020. (Evan Vucci/AP Photo)

The U.S. Treasury Department and Small Business Administration on Wednesday said they have shortened the Payroll Protection Program’s loan-forgiveness application, which had drawn broad criticism for its complexity, and introduced an even shorter version for some borrowers.

The revised full application has been cut to five pages, including a page of instructions, from the original 11, and the new “EZ” application form is just three pages, including instructions, and features simplified calculations, the Treasury said in a statement. The changes are designed to make it easier for businesses to realize full forgiveness of PPP loans.

 By Dan Burns

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