If you are a business owner impacted by COVID-19 and have already received PPP funding and are still looking for other options, we encourage you to set a meeting up with one of our Business Development Officers.
Forgiveness of your PPP funding will require excellent record keeping of expenses to maximize the amount you do not need to pay back. Prestamos will be offering webinars throughout the process and will keep our community aware of rule changes as they are updated by the Small Business Administration.
Funds for the PPP were designed to help businesses during the economic disaster-related to COVID-19 to cover costs associated with payroll and selected operating expenses to remain open.
Borrowers who have received a PPP loan through Prestamos will be invited to apply for forgiveness through the Spark Online Portal (where you originally updated your documentation) approximately 8 weeks after the loan funds are deposited into your bank account. Borrowers have ten (10) months to apply for forgiveness after the end of the loan term, or by October 2021.
Once the forgiveness module has been activated, you will complete the entire application online through a series of questions and sections where you can upload documentation. For loans funded prior to June 5, 2020, borrowers will have the option to select an 8-week or 24-week loan term. Borrowers funded after June 5, 2020 are only eligible for the 24-week loan term, however, you can submit your forgiveness application once you have expended all the funds; you do not have to wait until the end of your loan term. The online module will track your progress and automatically calculate what percentage of your PPP loan is forgivable based on the answers you provide during the process.
You are able to save your application and complete it at a later date if you do not have all of the documents available when you start the forgiveness process. Once you officially submit your forgiveness application to Prestamos, we have 60-days to make a determination on your forgiveness and submit your application to The SBA for final approval. You can track each step of the process through the online portal in the forgiveness module on demand.
Watch this video to help walk you through the process and answer many of your questions.
If you have a PPP loan and still need help working through the forgiveness compliance guidelines after reviewing the materials offered above, please enter your information in the form below and you will be directed toward a Live Q&A webinar event.
