Meng Announces Loan Forgiveness Application for Paycheck Protection Program Now Available
May 20, 2020
Congresswoman encourages eligible small businesses in Queens to submit the form
QUEENS, NY – U.S. Rep. Grace Meng (D-Queens) announced today that the Small Business Administration (SBA) has released its loan forgiveness application for the Paycheck Protection Program (PPP), and the Congresswoman encouraged Queens small businesses that received PPP loans to immediately fill out and submit the form.
Created under the recently enacted Coronavirus Relief, Aid, and Economic Security (CARES) Act, the PPP provides forgivable loans to small businesses provided that 75 percent of the loan is used to keep employees on the payroll. The remaining 25 percent could be used for rent, utilities, or mortgage interest.
To apply for loan forgiveness, applicants must complete and submit their application to the financial institution servicing their loan. The loan forgiveness application includes a summary of costs eligible for forgiveness, the loan forgiveness calculation form, the PPP Schedule A form, the PPP Schedule A Worksheet, and an optional PPP borrower demographic form. Applicants must submit the loan forgiveness calculation and PPP Schedule A forms.
“I’m pleased that the SBA has released the Paycheck Protection Program loan forgiveness form so that entrepreneurs can seek the relief they need,” said Meng. “Many small businesses in Queens continue to face an uncertain future due to the impact of the novel coronavirus. But with this application now available, eligible PPP recipients can get more certainty and stability regarding their businesses. I encourage everyone who has received a PPP loan to complete and submit the forgiveness form to their lender.”
A link to the PPP forgiveness form can be found here.
Small businesses seeking loan forgiveness are encouraged to contact a representative from the New York Small Business Development Center (SBDC). There are over 22 campus-based centers and outreach offices across New York to assist clients with the loan application. For businesses located in Queens, please email the Queens College SBDC at firstname.lastname@example.org, LaGuardia Community College SBDC at email@example.com, or York College SBDC at firstname.lastname@example.org for assistance.
Local small businesses requiring further assistance can contact Meng’s office at 718-358-MENG.