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Small business owners can now apply for full PPP loan forgiveness

There is no set deadline to apply
PPP loans
Posted at 8:20 AM, May 25, 2020
and last updated 2020-05-25 11:20:11-04

Many local, small businesses have managed to keep their doors open with help from government loans. Now, businesses are able to apply to have those loans forgiven.

Loans from the Small Business Administration's Paycheck Protection Program or PPP, have allowed employers to get back on track and keep staff on the payroll despite dwindling revenue.

The PPP Loan Forgiveness Application opened on May 16.

If small business owners want to apply for full loan forgiveness, they must show 75 percent of the loan was used on payroll and the other 25 percent was spent on qualified expenses like rent or utilities.

Rob Scott is a regional administrator for the Small Business Administration and has this advice for business owners: "Start to get your information together, start pulling that together and looking at the application and roughly filling it out now, but there is no set hard deadline yet," Scott said.

To apply for loan forgiveness, visit this website to download and complete the application. Then, submit the application to your lender.