⁍ The U.S. government will greatly simplify the process by which borrowers of a $525-billion-pandemic-relief fund do not have to repay some of the smallest loans.

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⁍ The Paycheck Protection Program was responsible for 5.21 million loans ranging from less than $50,000 each to more than $5 million.

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⁍ Banks and businesses have complained that the forgiveness process for PPP loans, which started this month, is too onerous.

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– The Treasury Department has decided to make it a lot easier for small businesses to borrow money from its $525 billion pandemic-relief fund, Reuters reports. Starting next month, businesses that borrowed $50,000 or less from the Paycheck Protection Program can sign a one-page document saying they’ve spent the money as required, and the loan will be forgiven—meaning taxpayers’ money will be used to pay for them. The program, which was set up in April to help businesses affected by the recent economic shutdown, requires that at least 60% of a loan be spent on payroll, with the rest going to meeting expenses like rent or mortgage or utilities. But banks and businesses had complained that the process for forgiving the loans was too complicated, and that it could take up to 75 hours for a bank to review an application. The Consumer Bankers Association, a trade group, welcomed the latest measure, but said there was more work to do. “It is apparent Congressional action is needed for the true streamlined forgiveness mom-and-pop businesses need,” it said in a statement.