Paycheck Protection Program (PPP) Resources

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What You Need to Know Right Now About PPP and SBA Financing Options

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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:

  1. Get your Paycheck Protection Plan (PPP) Loan
  2. Spend at least 60% on certain payroll-related expenses, and up to 40% on certain nonpayroll expenses, during specified periods
  3. Apply for forgiveness with your lender and provide the required documentation
  4. The lender has up to 60 days to respond, and ideally agrees and the balance is forgiven
  5. Any balance not forgiven will become a loan with a 1% interest rate and a term of two to five years
Learn more about applying for forgiveness
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