The Small Business Administration (SBA) is streamlining direct forgiveness of Paycheck Protection Program (PPP) loans of $150,000 or less.
SBA’s interim final rule streamlines the forgiveness process for PPP loans of $150,000 or less by:
a) allowing lenders to use a COVID Revenue Reduction Score at the time of loan forgiveness to document the required revenue reduction for Second Draw PPP loans of $150,000 or less, and
b) establishing a direct borrower forgiveness process for lenders that choose to opt-in as an alternative method of processing loan forgiveness applications for PPP Loans of $150,000 or less.
The interim final rule also extends the loan deferment period for those PPP loans where the borrower timely files an appeal of a final SBA loan review decision with the SBA Office of Hearings and Appeals.
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