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Treasury Department Releases Guidance on PPP Loan Forgiveness
Washington, D.C. – Today, Congressman Michael Guest (MS-03) announced that the United States Department of the Treasury released guidance on Paycheck Protection Program (PPP) loan forgiveness. Recently, Congressman Guest led a letter to the Treasury Department and the United States Small Business Administration requesting additional guidance on PPP loan forgiveness. This guidance will provide businesses with crucial information they need to understand the requirements of PPP loan forgiveness, which comes at a critical time as our economy begins to reopen.
The first round of PPP funding provided by the CARES Act enabled 20,748 PPP loans totaling $2,481,000,606 for Mississippi’s small businesses. As of Friday, May 8th, the second round of PPP funding enabled by Congress had provided an additional 19,614 loans totaling $708,706,077 for small businesses in Mississippi.
“I’d like to thank Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza for their responsiveness to the needs of small businesses across our country. Our nation has remained strong during these uncertain times and we will continue to rebuild a robust economy as we begin preparing to reopen our nation’s businesses,” Guest said.
The loan forgiveness guidance and application can be found by clicking here.