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U.S. to Start Forgiving PPP Loans After Borrowers Complained – The Wall Street Journal

Treasury aims to begin approving requests late this week or early next, following concerns forgiveness process under $670 billion program was too complex

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WASHINGTONThe Treasury Department said Tuesday it would begin forgiving loans granted to small-business owners under the Paycheck Protection Program, following banks and borrowers complaints that the process had been bogged down.
The government expects to approve and pay forgiveness requests by late this week or early next, a Treasury spokesperson said. The applications are generally expected to be approved quickly, with the exception of loans above $2 million that will get added scrutiny.
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