Loan forgiveness available for Paycheck Protection Program

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Loan forgiveness is available to businesses who received Paycheck Protection Program loans and used them for eligible payroll costs, payments on business mortgage interest, rent or utilities, the U.S. Small Business Administration said in a statement last week. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender. Businesses can learn more about how to apply for loan forgiveness online.