Kentucky Small Business Credit Initiative

Paycheck Protection Program Forgiveness – New Guidelines You Need to Know

Presented by: Steve Skaggs

Date: 

 

SBDC provides assistance to entrepreneurs regardless of what business you have and helps you find capital. You can email them at info@kybizhelp.com for more details.



PPP FORGIVENESS is the next step for your business. – Steve Skaggs

The PPP Flexibility Act of 2020 was signed by the President on June 5, 2020. This act helps the economy and also the small businesses in the country. This program enables you to know the different phrases you should be aware of when you are applying for PPP Forgiveness, the Covered Period. The PPP Flexibility Act extended the covered period until Dec. 30, 2020. 

 

The first thing you need to do is to document your use of PPP Funds. Keep your documents complete, all your files updated and keep it available for any purpose. Know your period and build your application timeline from the end of that period.

 

There are two forms of SBA to use: 

  • SBA form 3508 has been revised from and the most current version is from June 16, 2020. (Long form)
  • SBA form 3508EZ was issued when Form 3508 was updated. (Shorter form)

There are some things in the long form that do not exist in the shorter form. That’s why the borrower needs to talk to their partners to help them process the applications.




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