SBA PPP
Loan

Loan Forgiveness

We’ve begun accepting loan forgiveness applications as of September 7, 2020. Once you’ve exhausted your loan funds and have your supporting documentation ready, you can begin the loan forgiveness process by selecting the Apply for Loan Forgiveness button at the bottom of the page.

What you’ll need to have prepared before you apply:

• Bank account statements and any third-party payroll service provider reports documenting the amount of cash compensation paid to employees
• Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and any State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
• Payment receipts, cancelled checks or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that you included in the forgiveness amount
• Documentation showing, at your election as the Borrower: A) the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019 and June 30, 2019; B) the average number of FTE employees on payroll per month employed by the Borrower between January 1, 2020 and February 29, 2020; or C) in the case of a seasonal employer, the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019 and June 30, 2019, between January 1, 2020 and February 29, 2020, or any consecutive 12-week period between May 1, 2019 and September 15, 2019
• Documentation of non-payroll expenses, including mortgage interest payments, rent or lease payments and utility payments; copy of invoices from February 2020 and those paid during the Covered Period and receipts
• Any documentation that will support how the PPP Funds were spent

How to apply and what to expect:

You’ll have 10 months from the end of your 8- or 24-week loan period before you even have to apply for forgiveness, according to current SBA guidelines.

The SBA has opened a Direct Forgiveness Portal to streamline processing of forgiveness applications, helping you get the loan forgiveness you’re entitled to much more quickly. To get started, select the Apply for Loan Forgiveness button below, which will take you to the SBA’s Direct Forgiveness Portal.

Once the SBA receives your application, there is a maximum 90-day review period. If you have fully submitted your application for forgiveness, you won’t need to worry about the first payment coming up. Payments will be deferred until the SBA has made a final decision on your loan forgiveness.

Apply for Loan Forgiveness

Need help? The SBA offers live support Monday through Friday, 8 am to 8 pm ET, via phone at 877.552.2692.

Please note: As government guidelines may change, we will provide updates as they are available and work to keep this page as current as possible. We’re keeping a close watch on SBA guidance as updates are released so we can share it with you.