Utah companies, which have received a combined amount of more than $5 billion in Paycheck Protection Program (PPP) loans, are encouraged to prepare for the loan forgiveness application process now in order to understand the application and maintain accurate records to make the process as easy as possible.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan. This guide, from the U.S. Chamber of Commerce, is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process. This guide will be updated to reflect changes brought about by the following bill.
Legislation to relax restrictions on emergency small business loans was passed unanimously by the Senate on Wednesday, June 3. In addition to making it easier for borrowers to receive forgiveness and avoid paying back the debt, the bill will also give businesses greater flexibility in where they use the funding. The bill is now with President Donald Trump for his signature. Keep an eye on this process (we will keep you up-to-speed) as it will likely make PPP loans even more helpful for Utah small businesses.
As of June 2, the PPP still has $120 billion left unallocated for small businesses. Small Utah businesses that have not yet applied still have time to do so through their lender. To receive one-on-one assistance, please reach out to the Rapid Response Team (click here to submit a help request). For more information on the PPP and other financial resources from the U.S. Small Business Administration, click here.