PPP Loan Forgiveness Deadline March 3rd

Attention Business Owners: See this reminder from the SBA!

Good Afternoon Municipal Friends.

As you know, many CT small businesses received Paycheck Protection Program (PPP) loans during the COVID Pandemic. Many of those loans are forgivable, but unfortunately some businesses are either not aware of that, or just haven’t completed the paperwork for forgiveness. 

Please share this important information with your Small Businesses.

Time is Running Out.

If a business has a Paycheck Protection Program (PPP) loan in default and has not completed the Paycheck Protection Program loan forgiveness application:

1. They can apply for loan forgiveness now at the SBA PPP Direct Forgiveness Portal. A step-by-step guide to using the portal can be found here: Paycheck Protection Program: Direct Forgiveness Portal User Guide (sba-forgiveness-docs.s3-us-gov-west-1.amazonaws.com)
2. Important: you must apply for loan forgiveness before March 3, 2024. After this time, SBA will start referring all defaulted borrowers to the Treasury Offset Program for debt collection.

The consequences could include:

1. Negative impact on credit scores, which may make financing a home or a car harder and more expensive in the future.
2. Withholding of future state and federal tax refunds and any potential funding you may receive, including social security, from the federal government; and
3. The Department of Treasury may hire private debt collectors to pursue repayment, who may use tactics like wage garnishment.

Apply for loan forgiveness today through the SBA PPP Direct Forgiveness Portal. For more information visit www.sba.gov/PPPForgiveness. Deadline: March 3rd.

If a lender is not participating in direct forgiveness through SBA, you must contact your lender directly and follow the lender’s forgiveness process.

This communication is not intended to collect outstanding debts from individuals or entities currently undergoing bankruptcy proceedings.

 If a business needs additional assistance, have them contact the SBA at 877-552-2692, Monday through Friday from 8:00 a.m. - 8:00 p.m. ET.

Also, SBA has a summary of small business services and resources translated into 9 languages If you need language assistance, please click the link at: Information in other languages | U.S. Small Business Administration (sba.gov)

The SBA CT District Office is offering 2 webinars to understand the PPP forgiveness process, with Q&A.

1. Webinar in Spanish, Monday 2/26, 5:00pm:  https://www.eventbrite.com/e/seminario-web-actualizacion-del-ppp-y-solicitud-del-perdon-de-su-deuda-tickets-849355082917
2. Webinar in English, Wednesday, 2/28 5:00pm: https://www.eventbrite.com/e/ppp-forgiveness-update-tickets-849434600757

We appreciate you sharing this time-sensitive information with your businesses.

Sheri Cote

Outreach and Marketing Specialist

Public Information Officer

U.S. Small Business Administration

O: (860)-240-4894

280 Trumbull St. 2^nd flr.,

Hartford, CT 06103

Sheri.Cote@SBA.Gov