Treasury to begin forgiving PPP loans

The Treasury Department announced yesterday it would begin forgiving loans issued to small businesses through the Paycheck Protection Program.

A Treasury spokesperson said the federal government would approve most requests by late this week or early next week. Loans above $2 million would be examined more closely before forgiveness is approved.

The announcement follows complaints from bankers and borrowers that the forgiveness process was taking too long.

Read more from The Wall Street Journal.