PPP Loan Forgiveness Questions Answered for Victorians
The University of Houston Small Business Development Center will host a virtual PPP loan seminar tomorrow, Wednesday, August 5th, for business owners who have received a PPP loan and have questions about navigating through the " loan forgiveness" phase of the PPP loan.
According to an article in the Victoria Advocate, " About 370 companies in the Crossroads were approved for PPP loans of $150,000 or more, including 38 that each secured more than $1 million, according to SBA data. An additional 1,930 businesses and independent contractors obtained loans of less than $150,000 each, which collectively amounted to about $67.4 million."
As part of the Congressional CARES Act, businesses were eligible to apply for PPP loans if their business took a hit from the COVID-19 pandemic. The monies included giving businesses the opportunity to continue paying employees during the hardest stretch of the economic downturn and as long as all federal requirements have been met, those businesses are now eligible for loan forgiveness. The Small Business Administration Loan Forgiveness Application is available online and here as well.
Tomorrow's seminar will be lead by CPA, David B. Plemons, out of San Antonio, Texas. No stranger to small business financial questions, Mr. Plemons is the host of a podcast geared specifically for small businesses called " The Hustle, Juggle and Struggle of Small Businesses" on his website which you can view here.
You are welcome to register for the UHV SBDC webinar here. You may also reach the UHV SBDC by calling 361.485.4485.