PPP Borrowers File for Forgiveness
The Small Business Administration Vermont District Office is reminding Paycheck Protection Program (PPP) borrowers to submit their “forgiveness” paperwork. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
To apply for loan forgiveness, first determine if the lender the PPP was obtained through is participating in direct forgiveness through the SBA. To view a list of lenders participating in direct forgiveness click here. If the lender is participating in direct forgiveness, click here to access the SBA Forgiveness Portal.
Lenders not participating are accepting PPP Forgiveness forms. Lenders can should be providing PPP borrowers the correct forms or directing borrowers to their lender-equivalent forgiveness portal.
For more information, click here.
Direct Forgiveness Portal Training Webinar Aug 17
The SBA Vermont District Office is hosting a webinar from 11:30 a.m. to 1 p.m. Aug. 17 about the new Direct Forgiveness Portal for Paycheck Protection Program borrowers. The Direct Forgiveness Portal allows PPP borrowers whose loans are $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
Vermont participating lenders are Community National Bank, Vermont State Employees Credit Union, Bank of Bennington, National Bank of Middlebury, New England Federal Credit Union, Union Bank, Vermont Federal Credit Union, and Bar Harbor Bank.
Borrowers will be contacted by their lenders informing them to use the Direct Forgiveness Portal.
To access the webinar, click here. To access the webinar by phone, call 202-765-1264 and enter code 986 011 495#.
Borrowers who received their PPP loans from lenders outside of Vermont are welcome to join Tuesday’s webinar.
To view upcoming webinars, visit www.sba.gov/vt.
For more information, email [email protected].
Resource: PPP borrowers reminded to file for forgiveness by Vermont Business Magazine.