Partnership with Small Business Administration Helps Businesses, Lenders During COVID-19 Pandemic

calculator-227654_960_720.jpgCHICAGO – The Illinois Department of Financial and Professional Regulation has announced that recordings of two webinars hosted Thursday to help businesses and lenders with the federal Paycheck Protection Program (PPP) Loan Forgiveness Applications are available to anyone who missed the sessions but may still require assistance.

Hosted in partnership with the U.S. Small Business Administration (SBA), the first webinar focused on businesses and the steps they need to take to complete their loan forgiveness applications. The second webinar, for lenders, detailed the process in how those loan forgiveness applications should be reviewed.

"During this unprecedented time, we want to help small business owners and lenders navigate the PPP process,” said Deborah Hagan, Secretary of the Department. “I thank the SBA for partnering with us to provide these educational resources to Illinois small businesses and lenders.”

“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,” said Robert “Bo” Steiner, SBA Illinois District Director. “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.”

PPP is a forgivable small business loan program administrated by the SBA. The program is designed to assist small businesses impacted by the COVID-19 Pandemic to keep their workers on the payroll. Over $125 billion in PPP funds are still available. Eligible small businesses include sole proprietorships, independent contractors, and the self-employed.

The webinar for businesses may be watched here. The webinar for lenders may be watched here. Additional resources from the SBA regarding PPP may also be found here or by visiting one of the 35 SBA resource partners in Illinois.

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