CoVantage has begun accepting applications for our business member-owners for the additional funding, totaling $285 billion, that has been made available through the SBA Paycheck Protection Program. It is critical that we receive complete and clear supporting documentation to receive approval. Certain requirements have changed since the initial PPP loan offering:
Even with additional funding, please understand that demand will be extremely high, and the supply of funds will be limited. This means it’s very likely that many applications will not get a funded loan. We will try to help as many business members as we can and put forth our best effort to secure financing from the PPP program. However, know that as hard as we try, we simply cannot guarantee that your application will receive SBA funding.
Please know that we have staff working diligently to help as many CoVantage member-owners as we can. We know how important these Paycheck Protection loans are for you and your business during this very challenging time.
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Information related to the SBA PPP loan may change as updates are provided by the Federal government. Last updated 4/7/2021, 8:00 am CST.
A benefit of the SBA Paycheck Protection Program loan is that your loan may be forgiven if your funds are used for payroll costs, mortgage interest, rent, and utilities, and you have documentation that can substantiate it. At least 60% of the loan must be used for payroll costs. Forgiveness is based on your business maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
READ MORE AND APPLY FOR LOAN FORGIVENESS
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