You Received Your PPP Loan — Now, Here’s How to Get it Forgiven
By Kristen M. Smith
This year, many business owners obtained Paycheck Protection Program (PPP) loans with the hope that the loans would be forgiven by the Small Business Administration (SBA). With the Department of the Treasury and the SBA continuing to release rolling guidance about PPP loan forgiveness, navigating the process can be a headache.
In a nutshell, the forgiveness process involves timely submittal of the SBA’s loan forgiveness application to your lender along with supporting documentation required by the SBA, as well as any additional documentation your specific lender may require. The forgiveness application captures why you applied for the loan, what you did with the loan, and what took place in your business since you obtained the loan. Once you apply for forgiveness, your lender will make a determination as to how much, if any, of your loan is eligible for forgiveness. If all or part of your loan isn’t forgiven, you can appeal the decision to the SBA.
To ensure that the maximum amount of your loan is forgiven, you’ll want to give careful consideration to your loan forgiveness application to ensure its accuracy and completeness. Our team can help you manage this process.
Kent Franchise Law Group is well-equipped to prepare the various certifications, documentations and calculations required for your loan forgiveness application as well as navigate the sea of lenders and regulators involved in the forgiveness process. Please contact me at firstname.lastname@example.org or (215) 751-2874 for additional information on how we can help you apply for loan forgiveness.