Did you take out a Paycheck Protection Program loan? Here are four steps to apply for forgiveness.
- Contact your lender and complete the form
- Compile documentation
- Submit the forgiveness form and documentation to your lender
- Communicate with your lender throughout the process
Paycheck Protection Program (PPP) Loan Forgiveness
Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness. 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.