Many of ASA’s members obtained Paycheck Protection Program (PPP) Loans. Now is the time to start thinking about what you need in order to obtain loan forgiveness, so you do not have to pay the loan back.
If you didn’t get the loan and you are eligible, then please apply now, before it is too late – you can find more details, here.
Forgiveness
One of the most attractive features of the PPP Loan program is that borrowers who spend the money on the intended expenses can get some or all of the loan forgiven. The intended expenses are:
- payroll
- rent
- mortgage interest and
- utilities
But to secure forgiveness, you’ll need to submit the rights forms with the right supporting documentation.
See Our Video for More Guidance
ASA just finished a webinar on the process for obtaining loan forgiveness. It explains what forms need to be completed and provides tips on how to complete them. It also details the supporting documentation that the government requires you to file in order to secure loan forgiveness.
The webinar is available on-demand, here. Even if you haven’t yet hit the point of loan forgiveness, it is worthwhile to understand the requirements for loan forgiveness, so that you can take the right steps to maximize your forgiveness potential.