In response to the COVID pandemic, the federal government offered loans to businesses through the Paycheck Protection Program in 2020. The program was designed to help businesses keep their doors open and retain their employees, even if customers weren’t walking in their doors.
Now, the government is offering the opportunity to have many of those loans forgiven, but not everyone who qualifies has applied.
“Loan forgiveness was brought into place, and now we’ve found that not everyone’s taking advantage of the loan forgiveness and we want to get the word out,” Buncombe County Economic Director Timothy Love said.
Most qualifying businesses (with PPP loans) in Buncombe County have already applied for forgiveness. However, there are still hundreds of qualifying area businesses that have not.
“There’s just about $16 million left on the table, at this point, across 400 businesses,” Love said. “We’d like to see as many of those businesses as possible utilize that.”
To apply for loan forgiveness, visit the PPP Loan Forgiveness page here. Scrolling the page, you will find will find the information you need where it says: To Apply for Loan Forgiveness.
The forms are considered relatively simple, and the application only requires a minimum amount of support documentation or paperwork.
Whether your loan is due now, due in two years or due in five years, it is recommended you apply now. Though there is still $16 million available in Buncombe County, there is no guarantee that will be sufficient to cover all outstanding qualifying loans.