PPP Loan Forgiveness Webinar
Description
Farmers and small business owners: Learn more about the PPP loan forgiveness application process, tax implications, and health insurance subsidy implications in a webinar on Thursday, June 10, 12 pm - 1:15 pm. Register in advance for this webinar. After registering, you will receive a confirmation email containing information about joining the meeting.
The Paycheck Protection Program (PPP) loan application deadline was extended to May 31, 2021; but most lenders are no longer accepting loan applications because funds are nearly depleted.
If you got a PPP loan, it is time now to consider the PPP loan forgiveness process.
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PPP loan forgiveness is not automatic. You must apply for it.
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The window to apply for PPP loan forgiveness while principal + 1% interest payments are deferred is 10 months after the last day of the maximum 24-week “covered period” for your loan.
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If you miss the 10-month window, you can still apply for loan forgiveness, but you will begin making payments to your lender until loan forgiveness is approved.
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Your final opportunity to apply loan forgiveness is the maturity date of your PPP loan.
Experts from University of Minnesota Extension Ag Business Management and Farmers’ Legal Action Group will walk you through:
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Timelines of the PPP loan “covered period” and window to apply for loan forgiveness
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PPP loan forgiveness application process
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Tax implications of PPP loan forgiveness
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Health insurance subsidy implications of PPP loan forgiveness
This webinar is sponsored by Farmers' Legal Action Group, Minnesota Farmers’ Market Association, Minnesota Institute for Sustainable Agriculture, Sustainable Farming Association, Minnesota Farmers Union, Land Stewardship Project, University of Minnesota Extension, and Minnesota NCR-SARE.
Contact: Jane Jewett, jewet006@umn.edu
More information about PPP loans and loan forgiveness:
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program