How Small Businesses Can Apply For PPP Loan Forgiveness | Univision 41 New York WXTV

The Small Business Administration (SBA) reminds business owners who have applied for loans from the Payment Protection Program, or PPP, that they can apply for a forgiveness of this debt.

“People believe that it is automatic and it is not like that. They have to fill out an application,” stressed the president of the Women’s Chamber of Commerce in New York, Quenia Abreu.

Those who wish to request this forgiveness can go to the financial institution that made the loan or access the SBA website to fill out the application.

The forgiveness covers the entire loan as long as the owner can justify that he used 60% of the money for payroll for employee payments.

If borrowers do not apply for forgiveness within 10 months of the last day of the covered period, borrowers will have to start making loan payments to their lender, as PPP loan payments are no longer deferred.

If you do not pay the loan, “this will affect your credit history,” Abreu points out.

“It is a very easy application to fill out. Right here in the Chamber we can help you, or you can call your bank,” Abreu explains.

How to apply to PPP forgiveness

1. Determine if your lender or bank participates in direct forgiveness through the SBA and fill out the correct form.
2. Gather your documentation:

  • Payroll (provide documentation of all payroll periods that overlap with the covered period).
  • Non-payroll related (for expenses that were incurred or paid during the Covered Period and that demonstrate that the obligations or services existed prior to February 15, 2020, for the first three obligations / services listed).

3. Submit the discharge form and documentation to the SBA or your lender. 4. Continue to follow up on your request for your pardon.
For more information, visit the SBA website here.

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