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CPort Blog Post Image 2 SBA (2)

cPort Small Businesses: SBA CARES Act Guidance

The Small Business Administration has informed us that Paycheck Protection Program funding has been exhausted and that the PPP application portal has now stopped accepting applications for loans from most lenders.

Apply for PPP Loan Forgiveness Here:

For loans under $150,000, no supporting documentation is required to be provided to your lender at this time, but the SBA does require borrowers to keep such documentation for their own records.

For borrowers with loans over $150,000, in addition to your application for forgiveness, cPort will also need documentation showing how your PPP funds were used, such as payroll documents, bank statements, receipts, or similar records.

You are eligible to apply for PPP Loan Forgiveness at the end of your 8-or 24-week covered period. Forgiveness applications need to be received within 10 months of the end of this covered period.

For borrowers who received loans in the spring of 2020, the deadline is going to be toward the end of summer 2021. For borrowers who received loans later on, or during the 2021 round of PPP, that deadline will be sometime after summer 2021.

You can apply for PPP Loan Forgiveness at any time after you have used your PPP funds. If you have already used your funds there is no need to wait.