We’re honored to have helped both new and existing clients in submitting their SBA Paycheck Protection Program loans.
Small Business Administration and Treasury guidance continues to shift, and the good news is that all shifts appear to be in favor of loan recipients. At this time, the resources below can help you understand what will likely be required for the forgiveness process.
What to do now.
Keep detailed records and receipts of your payroll, rent/mortgage payments and utility payments. This will make the process much easier when you enter the forgiveness phase. Also, retain all receipts for any PPE (personal protection equipment) required for your business to operate.
The PPP loan forgiveness period begins eight after receipt of loan funds. To apply for forgiveness you will be required to complete and submit the forgiveness application as well as provide documentation to your lender.
We’re Here For You.
If you applied for an SBA Paycheck Protection Program loan through Crestmark, you will be receiving an email with instructions for completing the forgiveness application and what documentation to provide. Please look for that email notification to come after you have entered the forgiveness period.
- Recipients now have 24 weeks to use the loan proceeds (previously eight weeks)
- To qualify for forgiveness, 60% of loan proceeds must be used for payroll (previously 75%).
- Loan payments deferral has extended.
- Loan has a maturity of two years (five years for loans funded after June 5, 2020).
- Loan has an interest rate of 1%.
As currently outlined, to be eligible for forgiveness the funds received would have been used for:
Costs for PPE may be included with future guidance (retain detailed records)
For more information and resources, we suggest you visit the SBA’s Paycheck Protection Program website page here.
We’ll continue to update this page as more information becomes available, so please check back often.