As the U.S. Small Business Administration continues working with lenders nationwide on the Paycheck Protection Program and processing PPP loan forgiveness, the SBA Michigan District shares five PPP loan forgiveness tips small business owners should know:
- PPP loan forgiveness is applied for through a lender, not the SBA.
- Approximately 62% of Michigan PPP borrowers are eligible for a simplified PPP loan forgiveness application that can take as little as 15 minutes to complete.
- Businesses still need to document PPP loan money was spent on eligible expenses.
- The SBA has already started remittance to lenders.
- Help is available for the forgiveness process and recovery plans.
In the Great Lakes Region, 777,925 forgivable PPP loans valued at more than $88.1 billion were approved. In Michigan, over 128,000 forgivable PPP loans valued at over $16 billion were approved. More information about the PPP is available at www.sba.gov/paycheckprotection.