CHICAGO (WBBM NEWSRADIO) -- Some businesses that received Paycheck Protection Program loans have started the process to have them forgiven while others are waiting.
About 228,000 Illinois businesses received a total of $23 billion in loans through the program designed to help companies weather the economic downturn due to COVID-19.
The U.S. Small Business Administration will review those forgiveness applications after the lenders examine them.
SBA District Director Bo Steiner encouraged business owners to organize their records for payroll taxes, rent, unemployment insurance and other expenses to ease the application process.
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Companies that used at least 60%t of the money for payroll and didn't cut wages more than 25% stand to have the entire loan forgiven under current rules.
He said ongoing conversations in Washington about issuing blanket forgiveness for loans have some business owners waiting to file the paperwork.
Companies have about six months to spend the money and 10 months to submit forgiveness requests.
