Small businesses can now use simpler form to apply for PPP loan forgiveness

The process to apply for loan forgiveness under the federal Paycheck Protection Program just got easier.Recently, the Small Business Administration and the Treasury Department announced that businesses that received loans under $50,000 would be able to fill out a one-page form.Hundreds of Maine businesses took advantage of the program in order to pay their staff and keep their doors open.”PPP saved – to me- it saved my business,” said Bill Dunnigan, owner of CIA Cafe in Saco.Dunnigan, who owns another restaurant in South Portland, received $40,000 in PPP loans for each restaurant. He used the money for payroll, rent and utilities.”I don’t know whether South Portland would have survived. There’s no way of knowing that. I know Saco wouldn’t have. We would have closed,” Dunnigan said.Dunnigan had been dealing with mountains of paperwork to start the process of getting those loans forgiven. Now, he’s able to fill out the simpler form.”Let’s face it, they gave you a lot of money. They want to know where it went, I understand that,” Dunnigan said.The Maine Banker’s Association suggests that small business owners check with their lender if they are confused by the process.

The process to apply for loan forgiveness under the federal Paycheck Protection Program just got easier.

Recently, the Small Business Administration and the Treasury Department announced that businesses that received loans under $50,000 would be able to fill out a one-page form.

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Hundreds of Maine businesses took advantage of the program in order to pay their staff and keep their doors open.

“PPP saved – to me- it saved my business,” said Bill Dunnigan, owner of CIA Cafe in Saco.

Dunnigan, who owns another restaurant in South Portland, received $40,000 in PPP loans for each restaurant. He used the money for payroll, rent and utilities.

“I don’t know whether South Portland would have survived. There’s no way of knowing that. I know Saco wouldn’t have. We would have closed,” Dunnigan said.

Dunnigan had been dealing with mountains of paperwork to start the process of getting those loans forgiven. Now, he’s able to fill out the simpler form.

“Let’s face it, they gave you a lot of money. They want to know where it went, I understand that,” Dunnigan said.

The Maine Banker’s Association suggests that small business owners check with their lender if they are confused by the process.