Lawmakers May Create Online PPP Forgiveness Tool

Bipartisan legislation was introduced in the House recently that calls for the
creation of a simple online calculator to help small-business owners fill out loan forgiveness forms through the Paycheck Protection Program.

The Calculate Loan Forgiveness Act would require the administrator of the
Small Business Administration, in coordination with the treasury secretary, to establish a free, publicly accessible online calculator and/or certify free, accurate and publicly accessible third-party calculators “to provide certainty and assistance to lenders and small businesses as they fill out PPP loan forgiveness forms,” the legislators said in the announcement.

In addition to providing support for accurate estimations of forgiveness, it
would provide tools for completing an application to request loan forgiveness.

Source: ThinkAdvisor