Loan Forgiveness Resource Center
On May 15, 2020 the U.S. Small Business Administration released new details on loan forgiveness for Paycheck Protection Program (PPP) loan borrowers. We at SBA.com® will be compiling and summarizing the most important information and tools you will need to make sure you properly apply for PPP loan forgiveness. There is a lot to digest; please bear with us as we are doing our best to make it as simple as possible for you to complete successfully.
On June 5, 2020, the President has signed new legislation that will give borrowers in the PPP program more flexibility in using and repaying the allocated funds. Changes include
- Giving borrowers the option to extend the “covered period” for loan forgiveness from 8 weeks to 24 weeks.
- Lowering the minimum loan amount required to be spent on payroll from 75% to 60%
- Extending the repayment period from 2 years to 5 years.
- Extending the June 30, 2020 “safe harbor” deadline for companies to rehire employees to December 31, 2020.
We will strive to keep this information as up-to-date as possible. Suggestions, comments, tips, and questions for our FAQ section are welcome. Please Contact Us.
The information provided here is not intended to be legal advice, and solely intended to help SBA.com® visitors navigate the complexities of the forgiveness process. Please be sure to ask your lender, accountant, attorney, or other professional for help as you seem fit. We have worked day and night to help those who others have pushed aside. Enjoy!