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Applying for forgiveness using the portal can take as little as 15 minutes. The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S. If you would prefer to work with your lender, lenders can still accept PPP forgiveness applications directly.
While PPP loans were designed as a temporary and short-term relief from the economic decline due to the pandemic, SBA loans were created as a long-term financing solution. They have a more extended repayment or maturity term that can be up to 25 years, depending on the borrowers business sector.
The 7(a) Loan Program, SBAs primary business loan program, provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. 7(a) loans can be used for: Acquiring, refinancing, or improving real estate and buildings. Short- and long-term working capital.
Your Business Assets Will Be Seized and Liquidated Theyll start by seizing the collateral you secured your loan against. In many cases, that means taking control of your business assets. After your lender seizes your assets, theyll liquidate them. In other words, your lender will put your assets up for sale.
The PPP ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
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SBA Form 2483 (3/21) Paycheck Protection Program. Borrower Application Form Revised March 18, 2021. Purpose of this form: This form is to be completed by the authorized representative of the Applicant and submitted to your SBA Participating Lender.
To receive a 7(a) loan, small businesses must fill out Form 1919. A copy of the form must be filled out by each principal stakeholder or owner who controls at least 20% of the business, trustors, and anyone hired to run the business general operations.

sba form 1149