IDFPR Announces PPP Loan Forgiveness
Partnership with Small Business
Administration Helps Businesses, Lenders During COVID-19 Pandemic
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[September 23, 2020]
The Illinois Department of Financial and
Professional Regulation has announced that recordings of two
webinars hosted Thursday to help businesses and lenders with the
federal Paycheck Protection Program (PPP) Loan Forgiveness
Applications are available to anyone who missed the sessions but may
still require assistance.
Hosted in partnership with the U.S. Small Business
Administration (SBA), the first webinar focused on businesses and
the steps they need to take to complete their loan forgiveness
applications. The second webinar, for lenders, detailed the process
in how those loan forgiveness applications should be reviewed.
"During this unprecedented time, we want to help small business
owners and lenders navigate the PPP process,” said Deborah Hagan,
Secretary of the Department. “I thank the SBA for partnering with us
to provide these educational resources to Illinois small businesses
“The SBA is committed to helping all small businesses recover, and
we’re grateful to partner agencies such as the IDFPR in helping us
reach as many entrepreneurs as possible,” said Robert “Bo” Steiner,
SBA Illinois District Director.
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“Our interactive webinars allow us to talk directly
to small business owners, hear about their challenges, and provide
the most up-to-date information on available assistance.”
PPP is a forgivable small business loan program administrated by the
SBA. The program is designed to assist small businesses impacted by
the COVID-19 Pandemic to keep their workers on the payroll. Over
$125 billion in PPP funds are still available. Eligible small
businesses include sole proprietorships, independent contractors,
and the self-employed.
The webinar for businesses may be watched here. The webinar for
lenders may be watched here. Additional resources from the SBA
regarding PPP may also be found here or by visiting one of the 35
SBA resource partners in Illinois.
[Illinois Office of Communication and