Now that you have your Paycheck Protection Program loan, what steps should you take to ensure you receive the forgiveness you expect from your bank and the SBA? We created this two-part article as a resource to assist you with the forgiveness process. Part one of the article focuses on the process and steps you might consider implementing to manage the forgiveness process. Part two contains a summary of requirements borrowers must meet to obtain forgiveness.  This section also includes a link to the Loan Forgiveness Application and related instructions.  The application, released late on Friday, May 15, 2020, goes…

You may have questions related to the Paycheck Protection Program (PPP) loans and forgiveness process. Included here are some of the direct links that may provide you with answers to some of your questions. HCP will work to keep this list updated as new information becomes available. We will also be posting a summary article in the next 2-3 days that will address many of the common questions related to the PPP forgiveness process. Paycheck Protection Program EZ Loan Forgiveness Application (Released June 16, 2020) Paycheck Protection Program EZ Loan Forgiveness Application Instructions (Released June 16, 2020) Paycheck Protection Program…

The Small Business Administration has released results from the first 5 days of the second round of PPP funding. Loan volume through the close of business on Friday, May 1st included the approval of $176 billion through 2.21 million loans. With $310 billion in funding, the second round of loans has $134 billion or 43% of the allocation still available to small businesses. The average loan value for round 2 is currently $79,000, a decrease of $127,000 from the first round average loan value of $206,000.