PPP Loan Forgiveness
During the coronavirus pandemic, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP), an SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. The Paycheck Protection Program (PPP) officially ended on May 31, 2021. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
An applicant’s PPP Loan forgiveness is not automatically guaranteed. The SBA will carefully evaluate applications to determine if the fund proceeds were used in accordance with the terms and conditions of the CARES Act and official US Treasury guidance. The acceptable uses of the funds are very specific and complex, particularly when it comes to owner compensation and permissible, allowable expenditures. These permissible uses include, but are not limited to cover payroll expenses, pay the mortgage or rent of the business and utilities, such as water, Internet, electricity, etc
In addition to advising you on the most appropriate government contracting programs for your small business, our team of experts can also help you apply for PPP loan forgiveness, and assist with your PPP loan forgiveness loan application packaging, in accordance with SBA Paycheck Protection Program loan forgiveness guidelines. Our bilingual professionals will assist you in the most effective and expeditious way possible. We will support you, so this process does not become an added concern.