PPP Forgiveness Webinar
Thu, Feb 22
|https://us06web.zoom.us/webinar/register/WN
PPP borrowers must take action before March 3, 2024. The San Joaquin SBDC will be hosting a webinar on Thursday, February 22nd at 12pm, with the SBA who will give step-by-step instructions on accessing and using the PPP Direct Forgiveness Portal.
Time & Location
Feb 22, 2024, 12:00 PM – 2:00 PM
https://us06web.zoom.us/webinar/register/WN
About the event
Small Businesses who received a PPP loan from the U.S. Small Business Administration (SBA) for under $100,000 must apply for forgiveness through the PPP Direct Forgiveness Portal Workshop. SBA will begin referring defaulted PPP borrowers with loans under $100,000 to the U.S. Treasury Department and the Internal Revenue Service for collection beginning March 4, 2024.
What does this mean?
Small business borrowers who are referred to Treasury and IRS for collection may face significant consequences, including:
Negative impact on credit scores;
Withholding of future state and federal tax refunds and any potential federal government funding (such as social security); and,
Referral of your loan to private debt collectors to pursue repayment, who may use tactics like wage garnishment.
PPP LOANS
Loan forgiveness is still available for most PPP borrowers.
If you have a PPP loan under $100,000, you may be able to apply for loan forgiveness now at the SBA PPP Direct Forgiveness Portal.
For more information, visit www.sba.gov/PPPForgiveness.
A step-by-step guide to use the portal can be found here.
SBA IS HERE TO HELP
IPPP: If you need additional assistance with your PPP direct forgiveness application, contact SBA at 877-552-2692 (Monday-Friday 8am-8pm EST).