The millions of small businesses that have taken out Paycheck Protection Program loans received some good news yesterday; the Trump administration affirmed that small businesses will not have to pay back their loans even if they don’t rehire all the workers they laid off; also the SBA released new loan forgiveness forms that slashed documentation requirements and provide an easier path to forgiveness; the new forms added a safe harbor option that allows borrowers to just affirm they were unable to operate at the same level of business activity as before the crisis due to the coronavirus; more than 4.6 million small businesses have borrowed $513 billion from the PPP and there is still $130 billion available; the lending program is scheduled to stop lending at the end of this month. The New York Times
