PPP Loan Forgiveness
Borrowers can apply for forgiveness once they have used all loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness any time up to the maturity date of the loan. 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 need to begin making loan payments to Point West.
Regarding Latest Round of PPP Loan Funding
After much consideration and with a heavy heart, Point West has made the decision not to accept new applications for the latest round of Paycheck Protection Program (PPP) loans. We simply do not believe with our current resources and critical initiatives, as well as the lack of support and communication from the Small Business Administration (SBA), that we can provide the level of service that our small business members deserve when it comes to this program.
We truly appreciate your understanding of this difficult decision. As always, you can reach our small business team at [email protected] for additional questions or concerns.