CoVantage has reopened the majority of our lobbies for all transactions, effective May 27; however, members who need to do teller transactions are encouraged to continue to use our drive-ups. Click here for details.
What you need to know about SBA Paycheck Protection Program (PPP) loan forgiveness
We know you’re eager to understand more about loan forgiveness and how you might be eligible for forgiveness of your PPP loan. Unfortunately, we aren’t able to provide you details on how loan forgiveness will work because the U.S. Small Business Administration (SBA) has not yet issued final regulations on loan forgiveness procedures.
If you’ve received a PPP loan from CoVantage, here are some things you should keep in mind:
According to the SBA, your entire CoVantage PPP loan may be forgiven if you use the money for eligible expenses during the eight-week period after you received it.
For the most current guidance available about PPP loan forgiveness, please visit the SBA website. Additional guidance is expected to be issued so be sure to check the SBA website frequently. The SBA has also published a series of Frequently Asked Questions with answers, which is being actively updated (“SBA PPP FAQ”).
You may also wish to consult your own tax and legal advisors.
For those who did not get a chance to apply for or approved for a PPP loan that need assistance, there are other SBA relief loan programs available. These are called Economic Injury Disaster Loans (EIDL) and you must apply directly to the SBA. You can apply for EIDL loans at www.sba.gov
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