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.

“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds,” Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Trump says talks on COVID-19 aid are now ‘working out’ | Pelosi shoots down piecemeal approach | Democrats raise questions about Trump tax audits House Democrats to unveil bill to create commission on ‘presidential capacity’ Trump’s new Iran sanctions raise alarm over humanitarian access MORE said Thursday evening, calling for additional simplification through legislation.

The simpler, two-page form businesses can fill out to have their PPP loans forgiven is meant to ease burdens on struggling small businesses.

Small-business groups praised the move.

“We are thrilled about this new SBA and Treasury interim guidance to help small businesses during a time many of them are looking at the last quarter of estimated tax payments and year-end accounting,” said Keith Hall, president and CEO of the National Association for the Self-Employed.

The National Association of Federally-Insured Credit Unions, which had been critical of some early PPP missteps, said it was a “move in the right direction.”

The PPP program, part of a March’s CARES Act, was created in order to help businesses hit by the pandemic keep their doors open and workers on the books as the economy seized up. In all, the program distributed 5.2 million loans worth $525 billion, which Treasury estimated helped save 51 million jobs.

The program debuted to some doubts, as smaller businesses had a harder time securing loans and major chains were found to have received large loans. Many of the large businesses returned the loans after an outcry.

But

12th consecutive year Huntington has led SBA 7(a) loan originations within its footprint

COLUMBUS, Ohio, Oct. 8, 2020 /PRNewswire/ — Huntington (Nasdaq: HBAN; www.huntington.com) is the nation’s largest originator, by volume, of Small Business Administration (SBA) 7(a) loans for the third consecutive year at the close of SBA fiscal year 2020, further strengthening its position as the leader in supporting small businesses. This also marks the 12th year in a row Huntington has been the largest originator, by volume, of SBA 7(a) loans within its footprint.

This announcement follows Huntington’s recent efforts in supporting its customers by processing more than 38,000 Paycheck Protection Program loans across its footprint in 2020. These loans provided support to businesses during an extremely difficult time and further demonstrated the bank’s commitment to looking out for people.

“We believe small businesses are the lifeblood of our communities,” explained Steve Rhodes, Huntington’s Business Banking Director. “For more than a decade, we’ve been building and deepening our expertise helping small businesses navigate through every stage of owning a business, and this year, our customers depended on us more than ever before. We’re pleased to have earned the top spot again, but more importantly, to have assisted small businesses when they needed it most.”

“The pandemic helped shine a light on the importance of the Small Business Administration, and SBA loans will continue to be a great source of capital for a wide range of businesses going forward,” said Huntington’s SBA Program Director, Maggie Ference. “This is a year many will never forget, and we are so proud to have leveraged our expertise in supporting our small business customers by providing the right solution for customers at every stage.”

Last month, Huntington announced 24-Hour Grace® for Business and a no overdraft fee $50