Small Business Administration to revamp PPP forgiveness in bid to end historic program

The Small Business Administration this week will begin a push to accelerate the end of the nearly $1 trillion Paycheck Protection Program by making it easier for millions of employers to have emergency payroll loans forgiven.

The SBA on Wednesday plans to outline a new initiative aimed at encouraging borrowers with loans of $150,000 or less — accounting for more than 90 percent of the pandemic-era program — to apply for loan forgiveness. The ability to convert PPP loans into grants in exchange for maintaining payroll was a critical feature of the small business rescue. Nearly 7 million of those loans have not been forgiven.

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