In coordination with the U.S. Chamber, the SCV Chamber is providing a four-page guide on what Santa Clarita Valley business owners need to know about loan forgiveness in the Paycheck Protection Program.
Anyone who has received a PPP loan knows how complicated it may be to have that loan forgiven.
Under the program, created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness.
PPP borrowers must apply with the lender that processed the loan.
While each bank/lender will have different requirements, the Chamber’s guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the process.
See the guide below.
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