The Small Business Administration Paycheck Protection Program (SBA PPP) extended application deadline closed on August 8, 2020. The SBA PPP funding is designed to prevent workers from losing their jobs and support small businesses that experienced disruptions due to COVID-19.
SBA PPP RESOURCES:
- SBA PPP Loan Forgiveness Application
- SBA PPP Loan EZ Forgiveness Application
- SBA PPP Website
- FCV PPP Loan Forgiveness Checklist
WHAT DO I NEED TO KNOW ABOUT LOAN FORGIVENESS?
The loan forgiveness applications are now available on the SBA website and can be accepted beginning August 10. Review the application options, which includes both a Loan Forgiveness Application and an EZ Loan Forgiveness Application, and reach out to your loan officer for assistance when you are ready to file your application. The SBA Website contains specific instructions to use and complete each application. In addition, please be aware of the following changes from SBA to the PPP program.
- You now have a 24-week “covered period,” the period in which you must spend the PPP loan proceeds for full loan forgiveness, starting on the date the funds were disbursed. If your PPP loan was funded prior to June 5, 2020, you still have the option to use the original 8-week covered period.
- You now must use at least 60% of funds for eligible payroll costs to qualify for full loan forgiveness, down from 75%; You can use up to 40% of funds for eligible non-payroll costs, up from 25%
FOR MORE INFORMATION
To learn more about the Paycheck Protection Program, please visit the Paycheck Protection Program section of the Small Business Administration website.
WHO DO I CONTACT REGARDING AN EXISTING SBA PPP LOAN THROUGH FARM CREDIT OF THE VIRGINIAS?
Contact your loan officer or call us at 1-800-919-FARM (3276).