According to the Hill, the SBA will simplify the loan forgiveness application for businesses that took loans under $50,000.

The Small Business Administration (SBA) and Treasury Department announced that they are simplifying the loan forgiveness application for Paycheck Protection Program (PPP) loans under $50,000.

President Donald Trump is working on a plan that will see Small Business Administration being used to help the federal government in its response to the impacts of the coronavirus. This, of course, is done in collaboration with Capitol Hill. The aim of these efforts is to cushion small businesses by providing them as much as $50 billion in loans that will see them remain afloat during the economic meltdown caused by COVID-19 pandemic. This action will not only help businesses but will also benefit employees of these enterprises amid imminent layoffs courtesy of the virtual shutdown due to the widespread pandemic in the entire country. The layoffs have led Washington into adopting strict measures, including one of the largest stimulus packages in history at the backdrop of the economic crisis that is leading the country into recession.

Small businesses require financing at times, but options that exist for large corporations are not always the best for entrepreneurs. Larger than necessary loan amounts, unforgiving terms, or unrealistic payback schedules make typical business loans prohibitive for small business. However, private loans from family or friends are not ideal, either. What are the options?

Unless you’ve received some sort of windfall or have another source of cash, you’re going to need money to fund a new business. The easiest and most readily available source of cash is a business loan, a reasonable step to take for a start-up.