Paycheck Protection Program (PPP) Resources
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What You Need to Know Right Now About PPP and SBA Financing Options
PPP Forgiveness Steps
Forgiveness is a big part of what makes the PPP loan program a valuable tool for small business owners. With that in mind, here is the basic process for loan forgiveness:
- Get your Paycheck Protection Plan (PPP) Loan
- Spend at least 60% on certain payroll-related expenses, and up to 40% on certain nonpayroll expenses, during specified periods
- Apply for forgiveness with your lender and provide the required documentation
- The lender has up to 60 days to respond, and ideally agrees and the balance is forgiven
- Any balance not forgiven will become a loan with a 1% interest rate and a term of two to five years
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