Oct 15 2020

SBA News: PPP Forgiveness Updates

Wisconsin District Office--October 13, 2020

u s small business administration
paycheck protection program, PPP

SBA and Treasury Announce Simpler PPP Forgiveness Process for Loans of $50,000 or Less

The goal of the new application is to streamline the PPP process and allow lenders to process borrowers' forgiveness applications more quickly.  Click the corresponding buttons for detail.



Forgiveness IFR

Updated FAQs:  Deferral Period for Borrower Payment on All PPP Loans Extended to Ten Months


Question:The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments of principal, interest, and fees on all PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period). Previously, the deferral period could end after 6 months. Are lenders and borrowers required to modify promissory notes used for PPP loans to reflect the extended deferral period?
Answer: The extension of the deferral period under the Flexibility Act automatically applies to all PPP loans. Lenders are required to give immediate effect to the statutory extension and should notify borrowers of the change to the deferral period. SBA does not require a formal modification to the promissory note. A modification of a promissory note to reflect the required statutory deferral period under the Flexibility Act will have no effect on the SBA’s guarantee of a PPP loan.
Find all FAQs here.

Rural Businesses-Last Chance to Register!

Elevating Rural

Capital and Resources for Your Rural Business, October 14, 10-11:30 am

Representatives from the SBA's Great Lakes Region and U.S. Department of Agriculture Rural Development and Farm Service Agency will co-host a free webinar about access to capital and resources for small businesses in rural Wisconsin. Register

Find more October events with partners on our website calendar.

Stay Updated

1. Visit www.sba.gov/coronavirus 

2. If someone forwarded you this newsletter, you can sign up at www.sba.gov/updates--be sure to include your zip code to get content customized for Wisconsin and your area.  Then bookmark this page to easily find the latest newsletter. 

3. Follow us on Twitter at @SBA_Wisconsin.

4. If you have questions about your already submitted EIDL application, contact the SBA Disaster Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.

Our Madison and Milwaukee main phone numbers are not currently working--use wisconsin@sba.gov to contact us.

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