Small Business Administration & Treasury Release Simpler PPP Forgiveness Process for Loans of $50,000 or Less

The U.S. Small Business Administration, in consultation with the Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action is intended to streamline the PPP forgiveness process to provide financial and administrative relief to small businesses.
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.  
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2nd, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.