PPP FORGIVENESS APPLICATION (VIRTUAL WORKSHOP)

The Virginia Department of Small Business and Supplier Diversity is hosting weekly webinars in the months of July and August to provide the information necessary for small business owners to complete the application for loan forgiveness of the Paycheck Protection Program monies received during COVID-19 crisis. Topics to be included are:

PPP process/background – The Bank’s Role/Responsibilities

How do I fill out PPP forgiveness application/Process

How do I make sure my PPP loan is forgiven?

When do I pay it back?

Legislative Changes:

• Giving borrowers 24 weeks to spend the funds instead of 8
• Allowing for up to 40 percent of funds to be spent on eligible non-payroll expenses instead of 25 percent
• Giving borrowers more time to rehire employees without losing forgiveness eligibility
• Extending the period of time during which borrowers can apply for forgiveness
• Documents required (Payroll, FTE and Non-payroll. This documentation will need to be submitted with the PPP Loan Forgiveness Application)
• Timeline for Banks and SBA to review applications
• FAQ’s

Q&A

NOTE: This workshop will be presented via Google Meets…. All registered participants will be emailed the link to join prior to the event. Registration will close Tuesday, August 11 at noon to ensure all participants receive the link to join in time to test connection/download app if applicable.

Please email any questions to courtney.mustin@sbsd.virginia.gov

HOSTED BY

VIRGINIA DEPARTMENT OF SMALL BUSINESS AND SUPPLIER DIVERSITY