UNIVERSITY PARK, Pa. — Penn State Extension is hosting webinars to talk through the requirements and documentation necessary to apply for loan forgiveness under the federal CARES Act Paycheck Protection Program.
The “Paycheck Protection Program Forgiveness Application” webinars are planned for noon June 3, June 10 and June 26. They are open to sole proprietors, independent contractors, limited liability companies, farm and food business owners, and other small business owners to assist in completing the loan forgiveness application.
For the more than 153,500 small businesses in Pennsylvania, the Paycheck Protection Program funding has been a lifeline; however, these loan recipients are still waiting for clear direction on how the promised loan forgiveness will work. Though the forgiveness application has been released, there are still questions and clarifications that are expected from the Small Business Administration. As of May 16, more than $20 billion in loan funding has been approved.
Some borrowers have been reluctant to use their funding due to lack of clarity in how it can be spent. It is important for businesses to understand the process for spending and accounting for qualified expenses throughout this process. Businesses should not wait until the process is done before understanding these details and spending their loans.
The webinars will cover questions loan recipients have on the application, the calculation form, which expenses are eligible, and how to document these expenses.
Participation in each webinar is free, but pre-registration is required. To register for the June 3 webinar, visit https://extension.psu.edu/the-
Sole proprietors and independent contractors are encouraged to participate in the June 10 webinar. Registration is available at https://extension.psu.edu/
To register or learn more about the June 24 webinar, visit https://extension.psu.edu/
There is currently approximately $90 billion in funding remaining to support small businesses through the Paycheck Protection Program for those businesses who have not yet applied. Business owners who have not yet applied to this program are encouraged to view information regarding its requirements and application process through the following resources:
- Small Business Benefits and the CARES Act: What Farm and Food Producers Need to Know: https://extension.psu.edu/
small-business-benefits-and- the-cares-act-what-farm-and- food-producers-need-to-know
- COVID-19 Stimulus Benefits and Your Small Business Update: https://extension.psu.edu/
covid-19-stimulus-benefits- and-your-small-business- update-webinar
- Paycheck Protection Program Updated Guidelines: https://extension.psu.edu/
—Myrannda Kleckner, Penn State University