SBA launches simpler forgiveness for PPP loans up to $50K
Photo | Grant Welker
Downtown Leominster
The U.S. Small Business Administration announced on Thursday it has released what it termed a simple loan forgiveness application for Paycheck Protection Program loans up to $50,000.
Treasury Secretary Steve Mnuchin said the PPP program has provided 5.2 million loans totalling $525 billion to the country’s small businesses. The loans, he said, have supported 51 million jobs.
In Central Massachusetts, more than 18,000 businesses received loans, which retained 148,000 jobs in the region, according to the SBA.
Businesses could have a portion of all of the loans forgiven and turned into a grant, if they met certain conditions, specifically centered around keeping their workers employed.
The simplified forgiveness application is designed to make it easier for small business owners and their lenders to navigate the forgiveness application process, as well as expedite forgiveness approvals.
The SBA began approving PPP forgiveness applications and remitting forgiveness repayments on Oct. 2, according to the SBA.
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