New PPP loan forgiveness application

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New PPP loan forgiveness application

By HBSDealer Staff - 10/12/2020

The Small Business Administration (SBA) and Treasury Department have released a simpler loan forgiveness application form for Paycheck Protection Program (PPP) loans of $50,000 or less, the National Lumber and Building Material Dealers Association (NLBMDA) reported.

 The new application attempts to streamline the PPP loan forgiveness process and provide administrative relief to small businesses.

Borrowers that use the new application form are exempt from reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages.

The new form also does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review process.

To view the streamlined loan forgiveness application click here.

To view the borrower instructions click here.