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

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, yesterday released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less (so long as they are not affiliated with other borrowers that received $2 million or more in PPP loans in aggregate).

Here are some of the key highlights:

· This is only a two page form.

· This form does not require borrowers to show the calculations used to determine their loan forgiveness amount.

· Borrowers that use this form are exempt from reductions in loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or in salaries or wages.

What this means for you?

· Already Submitted the Application: If you have already submitted your application using the 3508EZ or the full form, we will continue to review and process your application. No additional action is needed at this time.

· Not Yet Submitted the Application: If have not yet submitted your application, we recommend that you wait for further instructions to apply for your PPP forgiveness. We will make further updates to the portal to comply with recent changes.

PPP Forgiveness Resources:

· Simpler loan forgiveness application (3508S)

· Instructions for completing the simpler loan forgiveness application

· Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less

Should you want to submit your forgiveness application sooner, please contact us at pppforgiveness@cpb.bank or 808-544-6865. Please remember, CPB will never ask for your personal or financial information via email or unsolicited text or phone call.

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