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A benefit of your SBA Paycheck Protection Program loan is that your loan may be forgiven if your funds are used for payroll costs, mortgage interest, rent, and utilities, and you have documentation that can substantiate it. At least 60% of the loan must be used for payroll costs. Forgiveness is based on your business maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
When you are ready to begin the forgiveness portion of your PPP loan, you will start the process using the special link below. Here is some additional information on using the portal:
CoVantage will review your forgiveness application and, once completed, we will submit it to SBA. CoVantage has 60 days to review your application, so we ask that you please be patient as we work through reviewing all member forgiveness applications.
Please continue to monitor your email in case we need additional documents or have questions about information you submitted. You will receive an email when we are ready for you to electronically sign your forgiveness documents; therefore, reviewing your email inbox daily is crucial. All signers on the loan MUST sign this document.
Important Information Regarding the Application Process:
For the most current guidance available about PPP loan forgiveness, please visit the SBA website. Additional guidance is expected to be issued so be sure to check the SBA website frequently. The SBA has also published a series of Frequently Asked Questions with answers, which is being actively updated (“SBA PPP FAQ”).
You may also wish to consult your own tax and legal advisors.
For those who did not get a chance to apply for or approved for a PPP loan that need assistance, there are other SBA relief loan programs available. These are called Economic Injury Disaster Loans (EIDL) and you must apply directly to the SBA. You can apply for EIDL loans at www.sba.gov
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