New PPP Loan Forgiveness Rules Will Help Small Businesses

The millions of small businesses that have taken out Paycheck Protection Program loans received some good news yesterday; the Trump administration affirmed that small businesses will not have to pay back their loans even if they don’t rehire all the workers they laid off; also the SBA released new loan forgiveness forms that slashed documentation requirements and provide an easier path to forgiveness; the new forms added a safe harbor option that allows borrowers to just affirm they were unable to operate at the same level of business activity as before the crisis due to the coronavirus; more than 4.6 million small businesses have borrowed $513 billion from the PPP and there is still $130 billion available; the lending program is scheduled to stop lending at the end of this month. The New York Times

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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