Did you receive a PPP loan of $50,000 or less?

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Press release by the Klamath Community College Small Business Development Center

KLAMATH FALLS, Ore. - On Friday the U.S. Small Business Administration and the Treasury Department released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

In a written statement the KCC-SBDC stated:

We anticipate this application will streamline the forgiveness process and lighten the administrative load for those who received smaller loan amounts.

SBDC Clients are encouraged to remember that though the SBA began accepting forgiveness applications last week, the process for each borrower will be guided by the financial institution that holds their PPP loan. Because of incremental changes to the program, like the one announced today, banks and credit unions are still preparing their processes to take in these applications in an efficient and effective manner. Take your cues from your banker.

We encourage you to review both the new application form as well as the instructions in order to be best prepared for when your financial institution begins to accept forgiveness applications.

As always, please let us know if we can help in any way.

Click here to view the simpler loan forgiveness application.

Click here to view the instructions for completing the application.