The Small Business Administration and Treasury Department issued an interim final rule late Thursday that provides a simpler loan forgiveness application for Paycheck Protection Program loans of $50,000 or less.
“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 Mnuchin, in a statement.
Thursday’s action, Mnuchin said, “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.”
Mnuchin said he continued to favor additional legislation to further simplify the forgiveness process.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on Oct. 2.