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The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small business affected by COVID-19 to keep their workers on the payroll. The Small Business Administration (SBA) will forgive the loans if ALL employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.
The Small Business Administration, in consultation with the Treasury, recently released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA has also released a new EZ application for the forgiveness of PPP loans.
To apply for PPP Loan Forgiveness, the borrower must completed the Loan Forgiveness Application and submit the completed application to their Lender. Borrowers may also be able to complete the application electronically through their Lender.
While loan payments will be deferred for 6 months, borrowers can seek loan forgiveness as early as 8 weeks following the disbursement of the loans. Contact your lender for more information regarding the PPP loan forgiveness program.
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