The Paycheck Protection Program implemented by the federal government has been a lifeline to many businesses, particularly small operations.
The novel coronavirus pandemic compelled many companies to either restrict how many customers they serve or close for a period of time. Sadly, many businesses were unable to survive the loss of revenue they experienced as a result.
Congress passed the PPP last year to ensure companies had access to the funding they needed to pay their employees. This helped workers continue to make ends meet and kept the doors of numerous companies open. The program has been overseen by the Small Business Administration.
Businesses need to use at least 60% of the loan they receive on designated costs to obtain forgiveness. Eligible expenses include payroll, mortgage interest, rent and utilities.
The SBA has created an online portal that businesses may use to apply for loan forgiveness of amounts up to $150,000. According to a Philadelphia Inquirer story published Aug. 22 in the Watertown Daily Times, “banks and businesses that opt-in to participate have a one-stop online location for borrowers to apply for forgiveness within this SBA-driven site …”
“Lenders can review the application and issue decisions within the same platform,” the article reported. “Some PPP lenders are opting not to participate in this portal, particularly those who have already created their own. PPP borrowers should check to see whether their lender opted in on this list provided by the SBA.”
If your lender is using this portal, it’s a convenient way to apply for loan forgiveness. We encourage qualifying businesses to visit http://wdt.me/AeXtyv to start the process.