Streamlined PPP loan forgiveness process
On Oct. 8, the U.S. Small Business Administration (SBA) released a simpler loan forgiveness application for those Paycheck Protection Program (PPP) applicants who received loans of $50,000 or less. Most trucking industry owner-operators and small fleets will qualify for this application process.
[Todd Amen, president of ATBS] said last week, prior to the SBA announcement, it had assisted only 45 clients with forgiveness applications, largely because of the form’s complexity as well as talk of Congress setting a threshold under which all PPP loans would be automatically forgiven. That factor was assumed to be part of the next coronavirus relief bill, which continues to be stalled amid partisan disagreements.
Many banks had been temporarily refusing to accept the original forgiveness application because of lingering questions about it, as well as the tedious demands required to process the original forgiveness form, Amen said. SBA said it and the U.S. Treasury Dept. also have eased the burden on PPP lenders, allowing them to process forgiveness applications more swiftly.
The revised PPP Loan Forgiveness Application Form has been posted on the SBA website. The SBA also posted revised application form instructions for borrowers.