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Recently, the Small Business Administration (SBA) launched a streamlined application portal that allows businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The process for loan forgiveness is outlined by SBA on their website.
The new interim final rule clarifies those small businesses that are currently waiting for an appeal decision regarding eligibility for loan forgiveness from the SBA’s Office of Hearings and Appeals can defer payment on their loans, providing reprieve to many small businesses.
The CARES Act, passed in March 2020, established the Paycheck Protection Program. PPP loans are designed to help small businesses avoid closure or layoffs, and can be used to cover payroll, utilities, insurance premiums, and rent and mortgage interest payments on a facility. This program closed August 8, 2020 and SBA is no longer accepting PPP applications from participating lenders.
Check the SBA site frequently for updated information on the PPP.
Read the full announcement here.
