Simplified Process Of Loan Forgiveness For Small Businesses
The National Association for the Self-Employed, the nation’s leading advocate and resource for the self-employed and micro-businesses applauded last week’s announcement by the Small Business Administration and the Department of Treasury of a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans under $50,000 but called on both sides of the aisle to come back to the negotiating table immediately to provide relief for small businesses hurting throughout America.
“The announcement by the Administration of a simplified process of loan forgiveness for small businesses who accessed $50,000 and less in PPP loans is an incredibly welcome sign,” said Keith Hall, president, and CEO of NASE. “We are thrilled about this new SBA and Treasury interim guidance to help small businesses during a time many of them are looking at the last quarter of estimated tax payments and year-end accounting.
“This newly announced guidance is a welcome step, but it can’t be the last step this year to help the American small business community who are desperate for critical relief now. Therefore, it’s imperative the Administration and Congress come back to the negotiating table and work together to provide the immediate financial relief for the American people and our nation’s small business community.”
Last month, NASE – along with other major small business groups and their allies – called on Congress to pass a standalone small business relief package that will assist the most fragile small businesses and their employees ranging from an additional loan program to expedited loan forgiveness. The letter sent to Congress includes a package of key small business priorities.
“The COVID-19 pandemic continues to place so many small businesses in a distressed situation barely hanging on and reeling from the financial fallout. Small business owners across our country, in every town and county in America, are struggling each day to keep their doors open and safely serving their customers and protecting their employees and themselves. Congress and the Administration need to return to the bargaining table and save the ingenuity of the true entrepreneurship in our country exemplified in our nation’s small businesses,” Hall concluded.
For more information on the SBA’s process:
- Click here to view the simpler loan forgiveness application.
- Click here to view the instructions for completing the simpler loan forgiveness application.
- Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
NASE has also developed a COVID-19 Resource Page for the small business community offering supportive resources and information.