Stimulus Loan Forgiveness Application

Your lender should provide you a link to a form soon in the new year.

Stimulus loan forgiveness application. You still must apply but for loans of 150k or less you can use a one page certification. An estimated 16 million student loan borrowers about a third of. You must apply for forgiveness within 10 months after the end of the covered period which is the 24 week period that starts when you received your ppp loan.

President elect biden is expected to unveil a stimulus package with a price tag of trillions of dollars including a 1 400 direct. Forgiveness is not automatic. The program s goal is to deliver cash into the hands of small businesses with fewer bureaucratic hurdles than in the sba s existing loan programs.

The sba releases one page ppp loan forgiveness application. Effective dec 31 2020. Ppp loan forgiveness calculation form.

Relief options and additional resources. The year end stimulus package included significant changes to how the ppp loan forgiveness program works. Ppp loan forgiveness calculation form.

It simply describes how many employees you were able to retain and how much you spent on payroll costs. Paycheck protection program loan forgiveness application. The loans will be administered through the sba 7a loan program via qualified commercial lenders and.

Ppp2 creates a simplified forgiveness process for loans of up to 150 000. Ppp loan forgiveness is determined based on how the small business client spent the loan. Coons believes that this small business debt relief program although it is a small part of the new stimulus bill will offer 3 5 billion more of debt relief in the coming year.