Frequently Asked Questions Regarding Participation of Faith-Based Organizations
Frequently asked questions regarding participation of faith-based organizations in the paycheck protection program (PPP) and the economic injury disaster loan program (EIDL).
Paycheck Protection Program Overview
The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30 a.m. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
PPP Loan Forgiveness
The attached is a slide presentation for both PPP (Paycheck Protection Program) borrowers and lenders relative to the process of obtaining loan forgiveness. The PPP program closed out on August 8, 2020, and applications are available for borrowers to request forgiveness for all or applicable portions of their loans. This document provides a summary of the process.
SBA New EZ and Revised Full Forgiveness Applications for PPP
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application.