New 2021 PPP Program Information
The new stimulus package passed by Congress provides expanded resources for the CARES Act Paycheck Protection Program. The program is available to those who participated in the PPP program last year as well as new participants.
Information is forthcoming for the new, simpler forgiveness process for 2020 PPP loan clients who have loans $150,000 or less and have not applied for forgiveness. Please wait for this information to apply for forgiveness if your loan is $150,000 or less.
You may apply for forgiveness at any time.
Please review the information below which applies to all PPP loan applications and visit the Department of Treasury’s website for instructions on each forgiveness application form.
Important considerations BEFORE you apply for PPP loan forgiveness:
- Be sure to visit the Department of the Treasury’s website to review complete guidance prior to applying for forgiveness.
- Gather all the required documents and scan them PRIOR to applying for forgiveness as you’ll need to upload some of them when you submit your application.
- The deadline to apply for forgiveness is 10 months after your covered period has ended, before any loan payments would be required.
- There have been, and continue to be, updates from the SBA and Department of Treasury on the PPP loan program.
- For additional resources, please consult the Department of the Treasury’s detailed FAQ document.
You should only apply for forgiveness once, so it’s important to read the materials, gather your documents and prepare to complete the forgiveness application ahead of time. [Paycheck Protection Program, First Financial Bank, January 19, 2021, bankatfirst.com]
We highly encourage everyone eligible to take advantage of this program and please direct all further questions to your respective banking partners. Thank you!
Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representation, tenant representation, and property management throughout Northwest Indiana and the Chicago Suburbs. To find out how we can help you, call us today at (219) 864-0200.