PPP borrowers reminded to file for forgiveness

Vermont Business Magazine The Small Business Administration Vermont District Office is reminding Paycheck Protection Program (PPP) borrowers to submit their "forgiveness" paperwork. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

To apply for loan forgiveness, first determine if the lender the PPP was obtain through is participating in direct forgiveness through the SBA. To view a list of lenders participating in direct forgiveness click here. If the lender is participating in direct forgiveness, click here to access the SBA Forgiveness Portal.

Lenders not participating are accepting PPP Forgiveness forms. Lenders can should be providing PPP borrowers the correct forms or directing borrowers to their lender-equivalent forgiveness portal.

For more information, click here.

Direct Forgiveness Portal Training Webinar Aug 17

The SBA Vermont District Office is hosting a webinar from 11:30 a.m. to 1 p.m. Aug. 17 about the new Direct Forgiveness Portal for Paycheck Protection Program borrowers. The Direct Forgiveness Portal allows PPP borrowers whose loans are $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

Vermont participating lenders are Community National Bank, Vermont State Employees Credit Union, Bank of Bennington, National Bank of Middlebury, New England Federal Credit Union, Union Bank, Vermont Federal Credit Union, and Bar Harbor Bank.

Borrowers will be contacted by their lenders informing them to use the Direct Forgiveness Portal.

To access the webinar, click here. To access the webinar by phone, call 202-765-1264 and enter code 986 011 495#.

Borrowers who received their PPP loans from lenders outside of Vermont are welcome to join Tuesday's webinar.

To view upcoming webinars, visit www.sba.gov/vt.

For more information, email [email protected].

Steps To Start A Business Aug 17

The Center For Women and Enterprise Vermont is hosting a free Steps To Start A Business webinar at 3 p.m. Aug. 17. Learn to develop a business plan, select a business legal structure and obtain an employer identification number, licenses, permits and insurance.

To register, click here.

Start Your Own Business Webinar Aug 19

The Vermont Small Business Development Center is hosting a free Start Your Business webinar at 10 a.m. Aug. 19. Gain practical tips and learn the steps needed to launch a small business. Following the session, attendees will receive additional resources to assist in the process.

To register, click here.

WEOC Save The Date: Oct 23

The Women’s Economic Opportunity Conference is scheduled for Oct. 23. The 24^th annual event will be a virtual conference in 2021 and is scheduled to run from 9 to 11 a.m.

Topics include woman-owned businesses that made it through the pandemic, balancing work and personal life and Vermonters accessing federal recovery support that helped keep businesses afloat.

For more information about WEOC, click here.

EIDL Applications Still Being Accepted The SBA continues to accept COVID-19 Economic Injury Disaster Loan applications from all qualified small businesses, including private nonprofit organizations. The COVID EIDL program is a federal small business loan program which provides economic relief to small businesses and nonprofit organizations experiencing a temporary loss of revenue due to the pandemic. An EIDL can be used for working capital, payroll, health care benefits, rent, utilities, and fixed debt payments. The loan amount equals 24 months of economic injury with a maximum loan amount of $500,000. The terms are as follows: Fixed 3.75% for businesses Fixed 2.75% for nonprofits 30 years No pre-payment penalty or fees. To apply for an EIDL, visit https://covid19relief.sba.gov or call 1-800-659-2955.

SBA Vermont District Office 87 State Street Montpelier, VT 05601 802-828-4422 www.sba.gov/vt