Is your business hit by the novel coronavirus (COVID-19) crisis? Seeking relief from it by applying for PPP loan forgiveness?
Here’s the good news!
The U.S. Small Business Administration (SBA), after having a discussion with the United States Department of Treasury (USDT), announced a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
INFO TO FURNISH IN 3508S APPLICATION FORM:
- Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN)
- Business Address/Business Phone/Primary Contact/E-mail Address
- SBA PPP Loan Number
- Lender PPP Loan Number
- PPP Loan Amount Employees at Time of Loan Application
- Employees at Time of Forgiveness Application
- PPP Loan Disbursement Date
- EIDL Advance Amount
- EIDL Application Number
- Forgiveness Amount
This simpler PPP loan forgiveness 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.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he continued. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
“Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program,” said Administrator Jovita Carranza. “We are continuing to ensure that small businesses are supported as they recover.”
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 October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
RUN YOUR BUSINESS WITH CONFIDENCE – Stay SAFE & KEEP Your Business Afloat During COVID-19
Source: www.sba.gov (https://bit.ly/3dtJeoj)