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SBA, Treasury unveil simplified PPP forgiveness documents

October 15, 2020

The streamlined forgiveness process will affect 3.57 million of the 5.2 million loans originated under the program, which aimed to help small businesses weather the economic hardship brought on by the coronavirus pandemic, according to the SBA.

Approximately $62 billion of the $525 billion in PPP loans that have been issued total $50,000 or less, the SBA said.

“This will make a big difference for the industry overall, but it will vary by bank,” said Bill Byrnes, a managing director who specializes in risk and compliance at Protiviti, a global consulting firm. “Effectively, this results in a more simplified process for lenders on over 68% of all loans originated.

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