SBA Paycheck Protection Program (PPP)
Included in the CARES Act signed into law in March of this year, businesses negatively impacted by the global pandemic may apply for and receive up to $10 million in forgivable funds through the SBA. The deadline to submit a new application for the Paycheck Protection Program (PPP) expired on August 8. Recipients of PPP funds may now focus on gathering the appropriate documentation to apply for loan forgiveness.
To submit a debt-forgiveness application, borrowers must submit an additional application through the lender with whom you originally received PPP funds. Applications for debt forgiveness may be submitted any time 8 weeks after you received PPP loan proceeds. Applying for debt forgiveness for a PPP loan will require detailed support documentation around payroll, employee count and other eligible expenses. We encourage those with PPP loans to review the information provided by SBA and consult with tax and legal professionals, as appropriate.
Customers who received a PPP loan through Farm Credit West:
For those customers that received a PPP loan through Farm Credit West, an online portal to apply for loan forgiveness is now available. To access this portal, login to your myFCW account and download the Customer Portal Job Aid to help walk you through the online forgiveness application. Please also download the Forgiveness FAQ and review prior to applying.
Customers who received a PPP loan through Kabbage:
Farm Credit West has collaborated with Kabbage, an online financial services company, to offer a conduit to process Paycheck Protection Program (PPP) loan applications for our customers, up to $2 million. Click below to learn more about this offering.