Search Results for keywords:"loan forgiveness"

The Small Business Administration (SBA) is seeking public comments on its information collection related to the Paycheck Protection Program (PPP), following the requirements of the Paperwork Reduction Act. This rule is intended to gather feedback before submitting the information to the Office of Management and Budget for review. Although the authority to issue new PPP loans has expired, the SBA still needs this information to process loan forgiveness applications, conduct reviews, and handle any ongoing litigation. The existing information collection will remain necessary due to the extended retention requirements for lender records.

The U.S. Small Business Administration (SBA) has issued an interim final rule implementing the Paycheck Protection Program (PPP) Second Draw Loans under section 311 of the Economic Aid Act. This program is designed to provide financial support to small businesses impacted by COVID-19 that already received a first PPP loan. Eligibility criteria include having 300 or fewer employees and experiencing a revenue decline of at least 25% compared to 2019. Second Draw PPP Loans have terms similar to the first draw loans and are eligible for loan forgiveness if conditions are met. Comments are invited until February 16, 2021.

The Department of Education published a correction to a previous regulation related to income-driven repayment for student loans. This document addresses a technical error regarding the exclusion of periods in in-school deferment from counting toward loan forgiveness, which was previously explained but omitted from the regulatory text. The correction is intended to align the regulations with what was originally stated in the preamble, without introducing any new rules. The amendment is effective immediately as of its publication date on December 31, 2024.

The Department of Education has finalized a rule about income-contingent repayment plans for federal student loans. This rule allows new enrollments in the Income-Contingent Repayment (ICR) and Pay As You Earn (PAYE) plans until July 1, 2027. The extension is to ensure the Department complies with legal requirements while making changes to the existing repayment plans. These actions are meant to help borrowers continue their loan payments and stay on track for forgiveness, especially while a court case delays the new SAVE plan.

The U.S. Small Business Administration (SBA) is asking for public comments on a form related to the Paycheck Protection Program (PPP). Even though the PPP has ended, the SBA still needs to collect certain information because borrowers can ask for loan forgiveness, and there might be reviews or legal issues in the future. The notice is part of the process to extend the use of the form until March 31, 2025. The SBA invites the public to share ideas on improving the form and minimizing the burden on respondents.

The U.S. Small Business Administration (SBA), in collaboration with the Department of the Treasury, issued an interim final rule implementing amendments from the Economic Aid Act to the Paycheck Protection Program (PPP). The rule extends the PPP, a program designed to provide financial aid to small businesses impacted by COVID-19, allowing them to apply for loans through March 31, 2021. It also includes updated guidelines for loan forgiveness, borrower and lender eligibility, and how loans can be used, with new rules for calculating maximum loan amounts and requirements for loan forgiveness applications. The Economic Aid Act amendments aim to streamline the application process and ensure fair access to the program for all eligible borrowers.