Simpler PPP Forgiveness for Loans of $50,000 or Less Announced, Deadline Nov. 30

By SÍLE MOLONEY

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

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

The agency said the 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 SBA and Treasury departments said the move eases the burden on PPP lenders, allowing them to process forgiveness applications more swiftly. The SBA began approving PPP forgiveness applications, and remitting forgiveness payments to PPP lenders in favor of PPP borrowers in November.

The agency said it 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

The deadline to apply is Monday, Nov. 30, 2020.

admin

Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.