The U.S. Small Business Administration on Thursday announced a new, simplified forgiveness application for Paycheck Protection Program loans of $50,000 or less. Under the revised process, forgiveness for these smaller loans now require less documentation and fewer calculations than the previous process did.
Shannon McGahn, NAR’s chief advocacy officer, says a lot of NAR members who took out PPP loans will benefit from the streamlined process.
“This new application is one-and-a-half pages long, which is about as good as it gets for a government program and half the length of the previous EZ Application,” McGahn says.
One in five NAR members report having taken out a PPP loan since the program was created, according to a recent NAR survey. NAR continues to actively encourage Congress, in any future COVID relief bill, to forgive loans of less than $150,000.