Skip to main content
Enter search terms below…

Member News

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less



The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This 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 Treasury 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.”

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.

ALBANY, NY – October 21, 2020 – BST & Co. today announced a series of new appointments and promotions within several departments at the financial and management consulting firm. “We are very happy to welcome these highly-skilled individuals into their new positions with BST & Co.,” said BST & Co. Managing Partner Ron Guzior. “Each of…
First New York Federal Credit Union will be donating school supplies to the Schenectady City School District Office for distribution to the elementary and middle school locations on Monday, October 26th at 10:30am. While America's teachers work to navigate the educational challenges presented by COVID-19, the need for school supplies is more…
Excelsior College will host a webinar on Election Cybersecurity in New York State on Wednesday, October 21 at 2 p.m. ET. Many election commissions and agencies are working on ways to be better prepared to prevent and handle election security threats. States across the country are implementing efforts to combat cyber risks and ensure this November’…
Oct
29
2020 Van Rensselaer Virtual Awards Ceremony A ceremony honoring outstanding examples of philanthropic giving and citizenship. For more than 25 years, the …
4:00 p.m. Virtual Awards Ceremony
Dec
17
Designed to help individuals new to WordPress environment, join Training and Development Specialist, Eleonora Morrell, MicroKnowledge, Inc. to learn how…
8:30 - 10:30 a.m. EST