The U.S. Small Business Administration (SBA) published new guidance Wednesday, July 28, designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less.
The SBA also announced it will launch a new application portal on Aug. 4, allowing borrowers to apply for forgiveness directly with the agency instead of having to go through their lender.
In a new interim finale rule, the SBA introduced a COVID-19 revenue reduction score used at the time of forgiveness to document the required revenue reduction for second-draw PPP loans. Learn more.