Bloomberg Tax
Oct. 9, 2020, 12:42 AM

Government Eases Forgiveness Hurdles for PPP Loans Below $50,000

Allyson Versprille
Allyson Versprille

Businesses will have fewer obstacles to clear to get virus relief loans of $50,000 or less forgiven, under new rules from the government.

The Treasury Department and Small Business Administration offered relief in interim final rules Thursday. The government also released a forgiveness form and accompanying instructions.

  • The Paycheck Protection Program, enacted in March under the coronavirus aid package known as the CARES Act (Public Law 116-136), provides struggling businesses with loans that can be fully forgiven if used to cover certain expenses.
  • “We are committed to making the PPP forgiveness process as simple as ...

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