PPP Loan Forgiveness Updates for Loans up to $150,000. - Video En Español

PPP Loan Forgiveness Breaking News for Loans up to $150,000. The US Small Business Administration is streamlining the process to apply for forgiveness by opening an online portal on August 4th for borrowers to apply for SBA PPP Loan Forgiveness directly with SBA. With this portal SBA is intending to speed up the loan forgiveness process, and for small business owners that have not been able to apply due to small banks not having the workforce to process at the speed business owners need, and so they can put aside loan forgiveness and concentrate on running their business. The Portal will begin accepting application on August 4th, before you can apply verify that your lender has opted in to direct loan forgiveness. Next collect all information regarding your PPP Loan

• PPP Loan Number

• PPP Loan Amount

• PPP Disbursement Date

• # Employee at the time of the application

• # Employee at the time of forgiveness

Have your backup information available, such as;

• Bank Statements

• Payroll Reports

• Checks and Invoices

Please keep on mind that at least 60% of the funds received must have been used for payroll expenses for the loan to be forgiven. For loans over $150,000. Business owner will still need to submit loan forgiveness request with the lender that granted the funds. If you have additional questions, please contact 908-205-3584. Watch the Spanish version video on our facebook page.