PPP Loan Forgiveness Update
On Thursday, October 8, the SBA and Treasury Department announced a streamlined forgiveness application process for PPP loans under $50,000. This is welcome news to the thousands of PPP loan customers that will benefit from a simpler forgiveness process. Secretary of Treasury Mnuchin stated, “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.” Click here to read the press release.
The SBA issued IFR #25, Additional Revisions to Loan Forgiveness and Loan Review Procedures, which outlines the forgiveness process for loans of $50,000 or less. It also outlines our responsibilities regarding the review of your forgiveness documentation, particularly expenses submitted that are in excess of your PPP loan amount. The new, two-page application will soon be electronically available for United Community Bank PPP loan customers in the UCBI CARES Portal. Please note: United will not accept the SBA formatted application therefore customers should not complete and submit the paper version of the application. The application is available to view here for your convenience.