The SBA has released more information about PPP forgiveness. Here are 5 things you should know:
1. The majority of PPP borrowers in the region are eligible for a simplified loan forgiveness application. Earlier in October, the SBA and Treasury released a simpler forgiveness application for PPP loans of $50,000 or less.
2. The estimated time to complete the simplified PPP loan forgiveness form application (loans $50,000 or less) can be as little as 15 minutes.
3. Businesses still need to document PPP loan money was spent on eligible expenses. Since a key part of forgiveness for PPP loans is using the money for eligible expenses, borrowers still need to provide documentation with the forgiveness application.
4. Borrowers apply for PPP loan forgiveness through their lender, not the SBA. Borrowers can download PPP loan forgiveness applications from https://www.sba.gov/paycheckprotection and submit those and other required information to the lender that provided them with a PPP loan.
5. SBA Resource Partners are available to help borrowers through the forgiveness process. The SBA Resource Partner Network – which includes the Small Business Development Center, SCORE Mentors, and the Women’s Business Center – provide one-on-one business advising and technical assistance to small businesses at no- or low-cost.
The SBA is providing PPP Loan Forgiveness Overview and Q&A Webinars.
If you have additional questions, Small Business Development Center (SBDC) Coaches are available for consultation at the Clear Lake Area Chamber of Commerce Office next Tuesday, November 3. Email Chamber@ClearLakeArea.com to schedule your appointment.