releases: https://axne.house.gov/media/press-releases/following-axne-push-sba-and-treasury-begin-approving-ppp-forgiveness-release
Data license: MIT · Data source: dwillis/congress-press
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| https://axne.house.gov/media/press-releases/following-axne-push-sba-and-treasury-begin-approving-ppp-forgiveness-release | Following Axne Push, SBA and Treasury Begin Approving PPP Forgiveness, Release Simpler Application | 2020-10-13 | 2020 | 2020-10 | Democrat | House | IA | Cynthia Axne | A000378 | axne.house.gov | legacy | Today,Rep. Cindy Axne (IA-03)shared details on how Iowa small businesses can use the new simplified Paycheck Protection Program (PPP) loan forgiveness application released by the Small Business Administration (SBA). The new applicationformis available for borrowers with PPP loans of $50,000 or less, including sole proprietors and independent contractors. Two weeks ago, Rep. Axneleda letter to the SBA and Treasury Secretary asking them to begin those approvals and for an explanation of the delays. After her letter, the SBA announced it is nowapprovingPPP forgiveness applications. I'm glad to see the SBA and Treasury taking steps to make it easier for small businesses to apply for loan forgiveness andbeginning to approvethe applications they've already gotten, much like I asked them to do,said Rep. Axne.For a business who took out a $25,000 loan, spending thousands of dollars preparing documentation to get that loan forgiven at a time like this is a cost they simply can't afford. More thantwo-thirdsof all PPP loans were for less than $50,000, so this will help get forgiveness to the smallest businesses who need it most. The new form reduces the amount of paperwork required for most borrowers significantly. Borrowers will now able to complete a simple certification for most requirements and submit documentation only for the expenses they're applying for forgiveness on. Since the eligible time period for PPP expenses has been extended to 24 weeks, most borrowers will only need to submit documentation of their payroll expenses. Borrowers can apply for forgiveness after the covered period (24 weeks from when they received their PPP funds for most borrowers, but some can choose to use 8 weeks). The updated applicationformandinstructionsare available on the SBA'swebsiteor through the PPPrecipient'slender. Borrowers should contact their lender to submit the forgiveness application. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |