Business owners meeting criteria for PPP loan forgiveness

Business owners need to meet criteria to make sure their Paycheck Protection Program loan will be forgiven.

CITIZEN IN ISOLATION.FIRST AT SIX --MANY SMALL BUSINESSOWNERS RELIED ONRELIEF THROUGH THEPAYCHECK PROTECTIONPROGRAM DURING THEPANDEMIC.AND THAT LOAN CAN BEFORGIVEN -BUT AS 41 ACTION NEWSREPORTER SARAH PLAKEEXPLAINS - THERE'S A LOTTO DO TO MAKE SURETHAT HAPPENS.For so many businesses thepaycheck protection programwas a godsend.

But there area lot of steps to go throughand navigating through thatprocess can be a littledifficult.It was such a relief for ChristySharp to reopen her shop,Over Flow Coffee House inLibertWe were closed for 5 weeks..She says the PaycheckProtection Program loan is thereason they were able to startbrewing agaiWe knew that oncereceived that that means wecould get our people back towork, we could start servingthe community again that welove to be a part of, so it'sreally been helpful.Business owners have to use75 percent of their PPP loanon employees, and spend thesame amount on payroll asthey did before, for it to beforgiven.If a borrower is a smallbusiness and theyappropriately represented theneeds of their business at thetime they requested the loan,they have absolutely nothingto be concerned about.Business owners will find outhow much of their loan will beforgiven in a few weeks, andare working with their lendersto meet the criteria.They have sent us excelspreadsheets to plug ournumbers into, sent us followup emails saying make sureyou are keeping track ofpayroll, percentages you'reusing for other things.Sarah Plake 41 action news.RIGHT NOW - LOBBYISTSFOR BANKS ARE PUSHINGFOR THE SMALL BUSINESSADMINISTRATION ANDTREASURY DEPARTMENTTO OFFER MOREGUIDANCE ON LOANFORGIVENESS.THEY WANT THE S-B-A TORECONSIDER THEREQUIREMENT THAT 75-PERCENT OF THE LOAN BEUSED FOR PAYROLL.THEY ALSO WANT ANEASY-TO-APPLY APPROACHTO LOAN FORGIVENESS -