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On May 28th, the SBA closed the Payment Protection Plan (PPP) to new applications due to high volume. The funds for PPP loans were exhausted 3 days earlier than the deadline of May 31st. Therefore, we are no longer accepting PPP applications.
The Small Business Administration’s Paycheck Protection Program (PPP) provided small businesses with an SBA-backed loan to keep them open and keep their workforce employed during the COVID-19 crisis. Ascendus was approved as a PPP intermediary lender during both the first and second draws of the program. In total, we provided 2,300 small business owners with $33 million in PPP forgivable capital through the program.
Importantly, our loans went to those most in need of relief and recovery support:
If you obtained a PPP loan in 2020 through Ascendus, you should have received an invitation email with a personalized link to access our SPARK online portal. If you did not receive your email invitation, please email your loan consultant or [email protected].
If you received your loan in 2021 Ascendus will email you an invitation to apply for forgiveness by August. We appreciate your patience. If you did not receive a PPP loan with Ascendus, make sure to contact your lender that funded your PPP loan to apply for forgiveness.
Learn more on the PPP loan forgiveness process below.
Martha Castillo, Diego Castillo Jr., and Diego Castillo Sr. are the owners of Arepasmania in Hollywood, FL. Diego and his parents also received a PPP loan from Ascendus.
“It has definitely helped us out with our main expenses, specifically our employees. It’s given us the opportunity to provide for them in a time like this. It’s impacted lives and families.”
Ascendus will continue to support clients as they navigate the loan forgiveness process helping them survive the closures, remain afloat and retain critical employment in their communities. Stay-tuned for information on PPP Forgiveness Webinar in English and Spanish.
You can also visit the SBA website to ensure you are preparing yourself for your forgiveness application.
Already an Ascendus PPP client? After this final round of PPP applications is closed, we will be reaching out to our PPP clients regarding forgiveness applications. If you have questions about your forgiveness application, we ask that you wait until after June 30th before reaching out to us. We have provided FAQs on PPP forgiveness below. You can also visit the SBA website to ensure you are preparing yourself for your forgiveness application. Learn More
Anthony Acevedo’s Non-Medical Emergency Transportation in Cambridge, New York received a PPP loan from Ascendus.
“Ascendus helped me through each step of the application, guiding me and really helping me out.”
How and when do I apply for loan forgiveness?
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
To apply for loan forgiveness:
What documentation do I need to process loan forgiveness?
Payroll (for all payroll periods that overlapped with the Covered Period):
Non-payroll (for expenses that were incurred or paid during the Covered Period and showing that obligations or services existed prior to February 15, 2020 for the first three listed obligations/services):
The Ascendus forgiveness process for uploading documentation and submitting and signing the application is completely online. All Ascendus borrowers will be invited to begin the process to apply for loan forgiveness through our SPARK online portal.
This list of documents required to be submitted to your lender is not all-inclusive.
Forgiveness forms and instructions:
If you have questions about the forgiveness process of your PPP loan, please reach out to your loan consultant or email [email protected].
Tiffany Diaz is the owner of My First Steps Enrichment Program in the Bronx. Tiffany received a PPP loan from Ascendus.
“The loan literally saved us. I hadn’t been able to get any other grants. I was able to use that between payroll and getting up to date with the rent.”