The Small Business Administration (SBA) and the Treasury Department recently released a simplified forgiveness application for Paycheck Protection Program (PPP) loan recipients.
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
The new form aims to streamline the process for loans worth $50,000 or less. Check out the simplified application and new instructions