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Applications open for PPP loan forgiveness

Small Business loan forgiveness now available
Posted at 10:37 AM, May 22, 2020
and last updated 2020-05-22 21:32:25-04

KIMBERLY (NBC 26) -- The Small Business Administration has opened applications for paycheck protection program loans to be fully forgiven.

For businesses to qualify, they need to have spent 75% of the loan on payroll and the other 25% on other qualified expenses such as rent or utilities.

SBA officials said the application goes through those details and should help businesses get the information to their lenders.

“Really there is still time to certainly 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," SBA regional administrator Rob Scott said.

Scott also said there would be additional guidelines coming out in the coming days and weeks.

In the meantime, the second round of PPP loans is still open. Businesses looking for help can get that application at the SBA's website.