This month the Small Business Administration (SBA) released its application so you can apply for forgiveness from Paycheck Protection Program (PPP) loans. To apply for forgiveness of your PPP loan, you must complete the application as directed and submit it to your lender.
PPP loans that are less than $2 million are certified. Guidance issued May 15, 2020, states that the SBA assumes your organization is deemed to have needed the loan. No more certification or application is necessary.*
PPP funds or other reserves that PPP loan proceeds replace can earn interest when deposited at the United Methodist Foundation. Some churches have already taken advantage of a 1.25% interest rate. Accounts with the Foundation are liquid, available earn interest, and are free.
>> View and download the PPP Loan Forgiveness application.
*The SBA will be reviewing all PPP loan applications for amounts greater than $2 million. If the organization is determined to be ineligible for the loan, there will be a grace period for returning the loan proceeds without repercussions. If the SBA contacts you (a letter in the mail — not email or a phone call), please simply respond to the letter promptly.