PPP LOAN FORGIVENESS
A borrower can apply for forgiveness once all loan proceeds have been used on SBA-approved expenses and any time up to the maturity date of the loan.
If a borrower does not apply for forgiveness within 10 months after the last day of the Covered Period, their PPP loan payments are no longer deferred, and they will need to pay back their loan to MBE Capital Partners.
Loans unDER $150,000
Borrowers who received a PPP loan under $150,000 will need to apply for forgiveness directly through the SBA online portal.
Loans Over $150,000
Borrowers with loans over $150,000 will need to apply for forgivness through the MBECP forgiveness portal.
lOAn Repayment
PPP borrowers may be eligible for loan forgiveness if the funds were utilized on SBA-eligible expenses. Borrowers that do not apply for forgiveness will begin making loan payments to MBECP after their deferment period. Borrowers that are denied forgiveness in whole or in part will also need to begin making loan payments to MBECP.
ABOUT MBECP
For over 20 years, MBE Capital Partners (MBECP) has been a leading provider of supply chain financing solutions, providing strategic products that support the goals of growing companies, particularly underserved businesses that find it difficult to secure funding through traditional banks.
Since the company’s founding, we have been committed to helping diverse businesses navigate challenging times. We are the country’s only Direct Lending Certified Minority-Owned Finance Company and the largest independent finance provider for small to middle-market businesses in the US, Caribbean, and Mexico. In 2020, MBECP financed over $2.1 billion in Fortune 1,000, city, state, and federal debt.