On October 8, 2020, the Small Business Administration (SBA), in conjunction with the Treasury Department released a simplified loan forgiveness application for loans provided under the Paycheck Protection Program (PPP). The simplified application shall be used for small business’ that were provided loans of $50,000 or less. The SBA began processing loan forgiveness applications on October 2, 2020 and will continue processing applications.
Prior to completing a forgiveness application, it’s important to check with your lender as many are implementing an automated web-based process rather than collecting physical forms.
About the Authors. This update was prepared by HR Pros, LLC, a national HR consulting firm that helps companies reduce operational and employment related risks. Contact Christopher Brown (cbrown@hrpros.biz), Philip Roach (philipcr@hrpros.biz) or Josh Blinkey (jblinkey@hrpros.biz) for more information.
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