News Flash Home
The original item was published from 8/13/2021 5:11:05 PM to 9/5/2021 12:00:01 AM.

News Flash

Economic & Community Development News

Posted on: August 13, 2021

[ARCHIVED] SBA Launches Simplified PPP Loan Forgiveness Site

Trumbull Economic Development

The U.S. Small Business Administration will launch a streamlined Paycheck Protection Program loan forgiveness application site in August for borrowers with loans of $150,000 or less. 

SBA administrator Isabel Casillas Guzman said the vast majority of PPP recipients received pandemic relief loans of less than $150,000. "These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.” 

The SBA says the site will benefit about 6.5 million small businesses, simplifying a forgiveness process that has drawn criticism for its complexity. 

Participating lenders are required to opt-in to the program, which begins accepting forgiveness applications from borrowers on August 4, 2021. 

Click here for more information.

Facebook Twitter Email

Other News in Economic & Community Development News

Trumbull Economic Development

Trumbull Main Street Dollars Program

Posted on: November 28, 2022