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Simplified PPP Loan Forgiveness for Small Businesses Up to $350k

This act makes it easier for small businesses to get their Paycheck Protection Program (PPP) loans forgiven. It raises the loan amount threshold for using a simplified forgiveness application and allows forgiveness even if there were minor errors in the loan amount. These changes apply to past, current, and future loans.
Key points
The simplified PPP loan forgiveness process is now available for loans up to $350,000 (previously $150,000).
Loans can be forgiven even if the original amount included an error, provided the borrower acted in good faith.
The new forgiveness rules apply to all eligible PPP loans, including those already forgiven.
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Additional Information
Print number: 117_HR_5190
Sponsor: Rep. Houlahan, Chrissy [D-PA-6]
Process start date: 2021-09-07
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small-Dollar PPP Forgiveness Simplification Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5190.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-09-07.

What are the main provisions?

Key points include:

  • The simplified PPP loan forgiveness process is now available for loans up to $350,000 (previously $150,000).
  • Loans can be forgiven even if the original amount included an error, provided the borrower acted in good faith.
  • The new forgiveness rules apply to all eligible PPP loans, including those already forgiven.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Houlahan, Chrissy [D-PA-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

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