More than 400 local businesses could benefit from Paycheck Protection Program (PPP) loan forgiveness. According to reports from the Federal Government’s Pandemic Response Accountability Committee, Buncombe County businesses may be eligible for $15.8 million and your small business could receive full or partial loan forgiveness. “Small businesses were under huge stress from the COVID-19 pandemic and continue to face challenges with supply chain issues and inflation. PPP loan forgiveness represents an opportunity for small businesses to gain additional relief, keep their doors open and continue to provide high quality jobs in our community,” explains Intergovernmental Director Timothy Love.
Wondering if your business is eligible? It’s definitely worth taking a moment to find out. “The process and requirements are quick. In many cases, detailed documentation may not be required during the application process. Typical documents include bank statements, tax forms, and business costs,” says Love. “PPP loan forgiveness may not require any additional work with your lender and you can apply for direct forgiveness through the SBA portal.”
To apply or learn more, please see the below links (Please note: This program is administered by the federal government)
- Apply here (Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.)