Because of the Covid-19 pandemic, the United States Government offered businesses something called the Paycheck Protection Program (PPP). The PPP provided some extra cash to businesses to help keep paychecks coming in to their employees while times were tough. These deposits came at no cost to businesses like yours.
However, businesses who benefited from PPP are required to apply for forgiveness through the U.S. Small Business Administration (SBA) no later than 10 months after the last day of the predetermined covered period. This deadline is fast approaching for most businesses!
If businesses do not apply for forgiveness, the money provided through the PPP becomes a loan that must be paid off – interest included!
This can be easily avoided by applying for forgiveness. Most applicants can complete the forgiveness application online in 10 minutes or less.
Visit the SBA forgiveness site to start your application, and follow the instructions to receive forgiveness directly from the SBA. Registration will be required to use this portal.
If we can be of any assistance in the PPP loan forgiveness process, or with any of your other financial service needs, please contact your Relationship Manager, or call us directly at 801-595-7000 and select option “1”.