SBA PPP loan forgiveness applications open to local small businesses

WASHINGTON, DC — Local small businesses can begin applying for loan forgiveness from the Small Business Administration.

The SBA is now accepting Paycheck Protection Program forgiveness applications after it stopped taking loan requests on August 8th.

The administration says it approved more than 107,000 loans valued at almost $12.5 billion to small businesses in Washington state during the pandemic shutdown.

That compares to $920 million it made in loans to Washington businesses over the entire previous fiscal year.

The loans can be completely forgiven if the borrower used the money for payroll or other authorized expenses.

Businesses can apply for forgiveness through their lender.