The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Businesses can apply for a PPP loan through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Since April, nearly 41,000 Arkansas businesses have received nearly $3.2 billion in loans.
If you have received a PPP loan, you can now apply for loan forgiveness. The completed application can be submitted online or through your lender.
Click HERE to access the loan forgiveness application.
Click HERE to learn more about PPP loans and loan forgiveness.