Business Management

SBA Releases Simpler PPP Loan Forgiveness Application

Application for loans of $50,000 or less cut from five pages to two.

Published

4 years ago

October 13, 2020

Grant Freking

The Small Business Administration (Washington) has released a new two-page loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The new application excises calculations required on prior forms and simplifies documentation requirements, per Entrepreneur. The old application was five pages long.

The PPP was established as part of the CARES Act to relieve small businesses affected by the COVID-19 pandemic. It was launched in early April with nearly $350 billion in funding that was drained in roughly two weeks. Congress allotted an additional $310 billion in funding on April 21.

Further PPP adjustments were made in June, including extending the loan period from eight to 24 weeks.

To view the new PPP loan forgiveness application, click here.

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