PPP Loan Forgiveness Status for 2022
If you received a PPP loan for your business during the pandemic, you may still be able to get forgiveness for the loan. We’ll discuss the requirements and steps for applying.
As we enter 2022 and the third year of the “new normal” with COVID-19, many small businesses are still struggling. The U.S. Small Business Administration (SBA) has helped many of those businesses with programs like the Paycheck Protection Program (PPP), COVID-19 Economic Injury Disaster Loan (EIDL), and the Targeted EIDL Advance, but those ended in 2021. However, if your business received a PPP loan, you may still be able to apply for loan forgiveness.
The PPP was intended to help businesses that have been hit hardest by the pandemic keep their workers on the payroll. It was meant to be a forgivable loan, provided certain criteria were met. The forgiveness is not automatic; businesses still must apply for it.