The Paycheck Protection Program (PPP) was an important part of the historic Coronavirus Aid, Relief and Economic Security (CARES) Act designed to help small businesses continue meeting payroll and other expenses during these trying times.
SBA Loan Forgiveness
The PPP Forgiveness process begins Monday, August 10. Business owners have 10 months from the time they received their funds to apply for forgiveness, and SCCU recommends waiting to apply. Even though the forgiveness applications can be submitted beginning August 10, new guidance is coming all the time. Congress is contemplating several measures that could benefit business owners, including automatic forgiveness and no paperwork for loans under $150,000.
Local Small Business Resources
The City of Chattanooga
Chattanooga has set up a resource site for small business owners on matters related to COVID-19.
View more updates straight from Chattanooga's business community.