By: Mary Jones
Traveling knowledge
new Loan Forgiveness Requirements and Loan Review Procedures pursuant to an Interim Final Rule, or IFR (the PPP Forgiveness IFR).
The lender must issue an approval or denial (in whole or in part) of a borrower’s loan forgiveness application to the SBA no later than 60 days from the receipt of the loan forgiveness package from the borrower
Covered operations expenditures (including costs for software for business operations); (ii) Covered property damage costs (including for vandalism or looting not covered by insurance)
The SBA had released prior forms and instructions for PPP borrowers of $2 million or more, as we previously discussed here.
PPP loans are 100% federally guaranteed loans for small businesses intended for companies to maintain their payroll levels and allow partial loan forgiveness.
United States Small Business Administration supports small businesses across the country by offering learning resources and funding opportunities
SBA loan of $150,000 or less comes with a guarantee of up to 85%. The SBA loan guarantee for loans over $150,000 is up to 75%.
Your spousal benefit will be 50% of your spouse’s benefit if you start payments at full retirement age or older. The full retirement age varies by birth year and is usually age 66 or 67
Business owners defaulting on their SBA loan can apply for loan forgiveness, but that does not guarantee the SBA will approve the request.
The Treasury Offset Program (TOP) recovers the debt through the business or guarantor’s income tax refund. Rather than receive the expected tax refund
if you cannot refinance your SBA loan and need loan forgiveness, understand that it comes with a few drawbacks.
Applying for SBA loan forgiveness may seem like a better idea than filing for Chapter 7 bankruptcy, but not always. Every lender and loan is a bit different