COLUMBIA – Missouri small businesses can apply for loan forgiveness if they received loans through the Payroll Protection Program. The U.S. Small Business Administration will host a webinar on Wednesday with instructions on how to apply for loan forgiveness.
The webinar will include an overview of the forgiveness process and what can be forgiven for the PPP. Lead Lender Relations Specialist Tom Daiber and Outreach/Marketing Specialist Sean Boshard will be leading the webinar discussion.
“We’re trying to educate the public and small businesses accurately about how to fill out these [forgiveness] forms, what forms are available and the proper steps to take,” Boshard said. “I think small businesses appreciate it that we are trying to get out there and trying to get the word out and to educate small businesses and promote awareness among them about what needs to be done.”
850 mid-Missouri businesses received loans through the Paycheck Protection Program due to COVID-19. Wednesday’s webinar is aimed at helping mid-Missouri businesses receive some forgiveness with their loans.
Greg DeLine is a multiple business owner and entrepreneur in Columbia. He received one of the largest loans from the PPP ranging from $5 to 10 million.
“Honestly we’ve been doing great since we got the loan,” DeLine said. “The loan was meant to help businesses and that’s what it did, it was really positive.”
Businesses can be granted up to 100 percent of loan forgiveness through the CARES act. They’re allowed a ten-month period from when they receive their loan to apply for forgiveness.
Boshard said the response toward SBA’s loan forgiveness webinars have been positive. Wednesday’s event registered at capacity of 250 participants.
“With the response we’ve gotten from these webinars a lot of businesses are going to be applying for loan forgiveness,” Boshard said. “We’re going to be here to help them with that.”
While Wednesday’s event is at capacity, the department is hosting more loan forgiveness webinar’s for Missouri businesses. A list of FAQ’s for businesses applying for loan forgiveness can be found here.