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(PPP) Loan Forgiveness

How it Works. How to Apply.

Apply for Paycheck Protection Program (PPP) loan forgiveness

Get up to 100% of your PPP loan forgiven based on your employee status, payroll, and how you used the loan funds.

Based on current information, we recommend waiting until guidelines are finalized, and until the end of your 24-week Covered Period to apply for loan forgiveness. This will give you more time to accrue and track eligible expenses, which could help increase your loan forgiveness amount.

PPP Forgiveness
HOW IT WORKS

PPP Loan Forgiveness Timeline

If employees and payroll have remained consistent with pre-COVID levels, you can have up to 100% of your loan forgiven.

The SBA will forgive the portion of the loan used for payroll, rent, mortgage interest or utility payments for up to 24 weeks after the loan is issued.

Any amount that is not forgiven will be treated as a two-year loan with a 1% fixed interest rate.

All payments (principal, interest and fees) are deferred until you receive a decision on your loan forgiveness application. However, interest will continue to accrue over this period.

(PPP) LOAN FORGIVENESS GUIDELINES

HOW TO PREPARE FOR PPP LOAN FORGIVENESS

You could be eligible to have up to 100% of your loan forgiven⁠—meaning you won’t have to repay the principal or any interest—if you follow the program guidelines and meet certain criteria.

Because guidelines are still being provided by the SBA, we recommend waiting 24 weeks after your loan disbursement to apply for loan forgiveness. If you apply before guidance is finalized, you could risk reducing your forgiveness amount.

PPP Loan Forgiveness Info Table

HOW TO APPLY FOR LOAN FORGIVENESS

At the end of the 24-week period, you can begin to apply for loan forgiveness directly through your lender. You’ll need to provide:

  • Details on how you used your PPP loan.
  • Information on whether your payroll and number of employees stayed consistent throughout the 24-week period.
  • Documentation verifying your responses on the above.

Once the amount is calculated, your lender will submit the information to the SBA within 60 days. The SBA will provide a final decision within 90 days of receiving your application from your lender.

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