US Treasury, SBA Streamline PPP Loan Forgiveness Application

Reuters
By Reuters
June 17, 2020US News
share
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

ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.
Comments