Chambana Sun

State Rep. Mike Marron (R-Fithian) issued a release about the Paycheck Protection Program loan forgiveness, as many business owners are confused about the program.

On his website, Marron reported that the Illinois Department of Financial and Professional Regulation has shared two recordings from webinars on the very topic of PPP loan forgiveness applications. The webinars were hosted with the U.S. Small Business Administration. The first in the series was geared toward businesses and how to complete a loan forgiveness application. The second of the webinars, however, was for lenders, to explain how to review applications for loan forgiveness. 

Deborah Hagan, secretary of the department, said that the Small Business Administration’s partnership during this process was helpful for small businesses and lenders alike. 

“During this unprecedented time, we want to help small business owners and lenders navigate the PPP process,” Hagan said in a release. 

Robert Steiner, the Small Business Administration district director for Illinois, commented on the ways in which his organization is helping in this time of need. 

“The SBA is committed to helping all small businesses recover, and we’re grateful to partner agencies such as the IDFPR in helping us reach as many entrepreneurs as possible,” Steiner said in the release. “Our interactive webinars allow us to talk directly to small business owners, hear about their challenges, and provide the most up-to-date information on available assistance.”

The forgivable small business loan program, the PPP, is meant specifically for small businesses which are struggling to make ends meet due to the COVID-19 pandemic. The PPP is especially helpful for companies which would otherwise have to let workers go due to decreases in revenue. 

There are still $125 billion in PPP funds available for eligible businesses. 

Those interested in watching the webinars can do so online, in addition to accessing more resources.