US Treasury, SBA Streamline PPP Loan Forgiveness Application

US Treasury, SBA Streamline PPP Loan Forgiveness Application
Treasury Secretary Steven Mnuchin looks on as President Donald Trump signs the Paycheck Protection Program and Health Care Enhancement Act in the Oval Office of the White House in Washington on April 24, 2020. Olivier Douliery/AFP/Getty Images
Reuters
Updated:

The U.S. Treasury Department and Small Business Administration on Wednesday said they have shortened the Payroll Protection Program’s loan-forgiveness application, which had drawn broad criticism for its complexity, and introduced an even shorter version for some borrowers.

The revised full application has been cut to five pages, including a page of instructions, from the original 11, and the new “EZ” application form is just three pages, including instructions, and features simplified calculations, the Treasury said in a statement. The changes are designed to make it easier for businesses to realize full forgiveness of PPP loans.

 By Dan Burns