b'NEWSWIRE:Streamlined Forgiveness Process Off ered NEWSWIRE to Recipients of Smaller PPP LoansR ecently,theU.S.SmallBusinessAdministration(SBA)A PPP recipient can apply for forgiveness at any time after all of the announced a simpler streamlined procedure for forgivenessfunds have been spent and before the maturity date of the PPP loan of small Paycheck Protection Program (PPP) awards (those(either two or fi ve years after the origination date of the loan).But it is of$150,000orless). Inthesesituations,theapplicantcanseekbest to act within 10 months of the completion of the covered period, forgiveness by submitting a simple pre-fi lled application directly tobecause this relieves the borrower of the obligation to make payments the SBA by means of a special portal, which can be accessed here. while the SBA is considering the forgiveness application.The covered period generally began on the date that a borrower received the PPP A tremendous feature of PPP is that some or all of the loan can befunds and ended on a date between eight to 24 weeks thereafter, as forgiven if the recipient used it to maintain employees on the payrollselected by the borrower.and for certain other favored purposes.In other words, the loan converts to a grant.Not only that, the forgiven amounts are free fromDuringthelifeofthePPP(itclosedattheendofMay),SBA federal income taxes, and the expenses for which the PPP proceedsdistributedmorethan$791billiontonearly11.5millionsmall were used are deductible on federal business tax returns. businesses. NumerousPVAmembersobtainedPPPassistance, and many reported that it was critical to their ability to stay afl oat For relatively larger PPP awards, the forgiveness application mustfi nancially during the darkest days of the economic collapse caused by be submitted through the same bank or private lending institutionthe pandemic.PVA lobbied for the creation of PPP and for adequate throughwhichtheoriginalPPPapplicationwasprocessed. Tofunding for it.PVA also educated members how to apply by means of demonstratethattheproceedswereusedinawaythatjustifi esa webcast and numerous articles in PVA publications.forgiveness, certain fi nancial records must be submitted.Clickherefor the SBAs PPP Forgiveness web page.2021_GH-BuildaLegend_Foghorn.pdf 13 3/4/21 12:22 PMFoghorn 3.375 wide x 4.875 highC LET ASSUREDPARTNERS MCM MANAGEM YOUR INSURANCE SO YOU CANY FOCUS ON YOUR VOYAGECM AssuredPartners MCM is a leading independentinsurance brokerage based in the Pacic Northwest. OurMYCY combined experience placing insurance and managingCMY the marine industrys unique risks.K Whether were working with vessel operators, builders,DONT BUILD A FERRY.BUILD A LEGEND.AssuredPartners MCMContact: Damon L. NasmanDirectLine:206.262.6375Damon.Nasman@assuredpartners.comgladding-hearn.comCelebrating 50 years of excellence www.assuredpartnersmcm.comNEWSWIRE 32 FOGHORN'