SBA PPP Loan Forgiveness Process
The Small Business Administration (SBA) Paycheck Protection Program (PPP) was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. Documents have now been released which help small businesses seek forgiveness at the conclusion of the eight-week covered period, with the date of loan disbursement being the start of the eight weeks.
Farm Credit Southeast Missouri is pleased to have played a part in obtaining these loans for our customer-owners.
To apply for forgiveness of your PPP loan, you (the Borrower) must complete an application and submit it to Farm Credit Southeast Missouri (the Lender).
The application has the following components:
- The PPP Loan Forgiveness Calculation Form;
- PPP Schedule A;
- The PPP Schedule A Worksheet; and
- The (optional) PPP Borrower Demographic Information Form. All Borrowers must submit, at a minimum, components (1) and (2) to their Lender Farm Credit Southeast Missouri. All components, along with documentation concerning the use of the PPP loan funds should be retained in the case of an SBA review.
This application, along with detailed instructions, may be obtained on the SBA website and filled out online. We will also make this application available at the local Farm Credit Branch Offices. A direct link to the application and instructions can also be found on our website here.
At times like these, the ability to communicate is more important than ever. We want to do everything we can to assure you are aware of the constantly changing processes related to the PPP loan programs. Our goal is to assist you in submitting the required documentation to fulfill the requirement necessary to qualify for the forgiveness allowed under the PPP loan program. You may also need to reach out to your accountant for assistance as well in obtaining all the required documentation to qualify for the loan forgiveness.
We appreciate your business and understanding. Our goal is to serve you as promptly and effectively as ever. Please feel free to contact us with any questions you may have.