Wisconsin Department of Administration
Press Release

Evers Administration Encourages PPP Borrowers to Apply for Loan Forgiveness by March 3 Deadline

 

By - Feb 28th, 2024 08:31 am

Madison, Wis. – Wisconsin Department of Administration (DOA) Secretary Kathy Blumenfeld today joined Department of Revenue (DOR) Secretary Peter Barca and Wisconsin Economic Development Corporation (WEDC) Secretary and CEO Missy Hughes to urge Wisconsinites who still need their federal Paycheck Protection Program (PPP) loans forgiven to apply by the March 3 deadline.

The U.S. Small Business Administration (SBA) had previously announced the “goodwill exception period” allowing PPP borrowers with loans under $100,000 to apply for forgiveness through March 3 and avoid a referral for collection by U.S. Treasury. Blumenfeld, Barca, and Hughes today underscored that eligible borrowers should pursue forgiveness before the application window closes.

“PPP loans helped thousands of Wisconsin small businesses stay afloat during the pandemic, and many of these loans were forgiven,” Blumenfeld said. “That is why I strongly encourage anyone who still needs their loan forgiven to apply before time runs out.”

“Small businesses are the backbone of Wisconsin’s economy.  They are vital to our communities and the quality of life we enjoy,” said DOR Secretary Barca. “I urge any who may still have PPP loans outstanding to take advantage of this opportunity and submit their forgiveness applications by March 3 before that window closes.”

Loans that have not been forgiven or are not in repayment after the deadline has passed will be referred to U.S. Treasury for collection. Per SBA, borrowers should be mindful that if their loan is turned over to Treasury, the agency retains the right to:

  • withhold state and federal tax refunds,
  • garnish social security and wages,
  • prevent receipt of future federal aid, and
  • report the default to credit agencies.

“It’s critical that businesses – especially small businesses — act quickly to take advantage of this incredible chance to have their PPP loans forgiven so they can avoid the collections process,” said Missy Hughes, secretary and CEO of the Wisconsin Economic Development Corporation, the state’s leading economic development organization. “Once the March 3 deadline passes, this opportunity won’t be available.”

Borrowers can submit forgiveness applications either through the SBA online portal or directly through their lender. For assistance with the Direct Forgiveness Portal, contact SBA at 877-552-2692. PPP borrowers who are not sure if their loan has been forgiven should apply for forgiveness immediately. See the SBA PPP loan forgiveness webpage for instructions on how to apply and for additional resources, including tutorials on how to navigate the borrower portal.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.

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