Good News for PPP Borrowers: Automatic Loan Forgiveness

For NAR members who borrowed $50,000 or less through the Paycheck Protection Program, it is now easier to receive automatic loan forgiveness. These smaller loans now require less documentation and fewer calculations than the previous process.

The U.S. Small Business Administration and the Treasury Department announced the simplified process late last week. One in five NAR members report having taken out a PPP loan since the program was created, and NAR continues to actively encourage Congress, in any future COVID relief bill, to forgive loans of less than $150,000. 

Read the report.