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Streamlined PPP forgiveness application available to some borrowers

Recently, the Small Business Administration announced that small businesses that received PPP loans of $50,000 or less are eligible for a streamlined forgiveness application. Forgiveness applications began to be approved in early October, and the hope is that this streamlined application--which requires the borrower to provide only one page of information--will lighten the load for lenders, too.  While businesses with loans of $50,000 or less can use the streamlined applications, businesses that received $2 million or more, when combined with their affiliates' loans, may not.

Small businesses that obtained Paycheck Protection Program loans of $50,000 or less can now use a streamlined application to apply for loan forgiveness.


covid-19, small business, startups