The Small Business Administration’s previously announced online Paycheck Protection Program loan forgiveness portal will open on Aug. 4. The new platform aims to make it easier for the smallest businesses that got PPP funds to have their loans forgiven.
According to The Wall Street Journal, about 2 million business owners with PPP loans of $150,000 or less will be allowed to apply for loan forgiveness directly through the SBA instead of their bank.
The SBA will email eligible borrowers with a link to the website, says Patrick Kelley, associate administrator for SBA’s office of capital access. The application should take less than 10 minutes to complete, he says, and the SBA has created a customer service line to answer borrower questions.
Banks responsible for originating the PPP loans must opt into the portal before their clients can use the SBA’s platform. At the moment, more than 500 banks, representing 30% of qualifying loans, agreed to let their customers apply for forgiveness using the SBA portal. Read the full story.
Resources and Fliers:
South Central Planning and Development Commission, click Corona Recovery Loan Program.
For information on what you should know about the ADA, the Rehabilitation Act and the Coronavirus, click here.
Economic Injury Disaster Loan Update April 24, 2020
Economic Injury Disaster Loan:
Available now at Apply here.
- Interest Rate: 2.75% for non-profits, 3.75% For-Profits
- Up to $2 Million in Assistance (Up to $500,000 for first 6 months)
- 30-Year term
- One year of deferred payments
For more information on the current SBA Disaster loan program requirements: COVID-19 Economic Injury Disaster Loans.
Ascension Economic Development Corporation staff members are available to assist you. Please call (225) 644-1750 or email firstname.lastname@example.org to schedule an appointment.